Geely-backed Farizon Auto bags over $300 million in Pre-A funding

Shanghai (Gasgoo)- Farizon Auto, a brand under Geely New Energy Commercial Vehicle Group, announced on Oct. 26 via its WeChat account that its Pre-A funding round has been closed with over $300 million raised.

The fresh round was led by Hidden Hill Capital of Global Logistic Properties Ltd., and also attracted such investors as Transfar, CITIC Securities, Hunan Xiangtan Industry Fund, GLy Capital, and Mirae Asset.

Farizon E5L; photo credit: Farizon Auto

The proceeds raised in the round will be mainly used for R&D and the construction of market ecosystem, in a bid to further consolidate Farizon Auto's leadership in China's new energy commercial vehicle market.

In the meantime, Farizon Auto announced that it aims to achieve carbon neutrality for its operations by 2025 and for the complete lifecycle by 2030.

Based on the urban distribution and cold-chain logistics scenarios in which Farizon Auto applies its new energy commercial vehicles, the leading investor of the Pre-A round, Hidden Hill Capital, will leverage its broad operations in China, a great deal of logistics and warehouse infrastructures, and opulent industrial ecosystem resources to comprehensively support the automaker in business development, vehicle sale and leasing under the urban distribution scenario, promotion of cold-chain vehicles, exploration of new business models, etc.