Electric commercial vehicle maker Newrizon bags over 100 million yuan in B+ funding round

Shanghai (Gasgoo)- Newrizon, a Chinese intelligent connected new energy commercial vehicle startup, recently announced it had secured over 100 million yuan in the B+ financing round from Fusion Capital, marking another successful round of funding after receiving investments from NIO Capital earlier this year, according to a press release the company issued on its WeChat account on September 22.

Photo credit: Newrizon

Proceeds from the fresh financing will primarily be directed towards the market promotion of the company's next-generation commercial vehicle, the iC1, improving its battery swapping operations, developing its domestic marketing channels, and expanding its overseas business.

Fusion Capital has been focusing on the investments in leading companies along new energy vehicle (NEV)-related industrial chain. It has supported such power battery makers as Sunwoda EVB and SVOLT, the complete vehicle maker Leapmotor, and also expanded its reach into areas like power domain controller, new materials, and upstream equipment for NEVs.

Newrizon, established just three years ago, has already gained recognition and support multiple investors, including Lightspeed China Partners, China Creation Ventures, NIO Capital, Axiom, the University of Washington Foundation, and Huolala.

The company has already released two vehicle models, the EC1 and the iC1. EC1, which has been on the market for a year, has already sold more than a thousand units. The iC1, on the other hand, is Newrizon's first fully self-developed electric light-duty truck, which was just launched in early August this year.