Farizon Auto’s Methanol-Hydrogen Technology raises $100 million in first financing round

Shanghai (Gasgoo)- On January 29, Methanol-Hydrogen Technology, which is under the umbrella of Geely's Farizon New Energy Commercial Vehicle Group ("Farizon Auto"), announced the completion of its first round of financing, attracting multiple strategic investors and renowned investment institutions.

With a pre-investment valuation of $1 billion, the latest funding round raised $100 million for the company. This infusion of capital is earmarked for ongoing R&D efforts and the construction of a green methanol transport ecosystem, reinforcing the company's core competitiveness. The successful completion of this round signifies that Methanol-Hydrogen Technology has formed the foundation for a strategic collaboration industrial alliance in the upstream and downstream of the methanol-hydrogen ecosystem. Looking ahead, the company aims to accelerate the comprehensive development of the methanol-hydrogen ecological industry, built on the synergy between capital and product fronts.

Methanol-fueled G General Cargo Tractor;  photo credit: Farizon Auto

Leveraging Geely's nearly two decades of technical expertise in the methanol field, Farizon Auto has successfully developed multiple methanol commercial vehicle models and deployed them in large-scale operations. These models have undergone comprehensive validation for their economic viability, environmental sustainability, applicability, and reliability. Geely Holding Group played a pivotal role in the innovative use of green zero-carbon methanol for the main torch at the Hangzhou Asian Games, producing and providing technical solutions. The Farizon Xinghan Methanol Heavy Truckserved as the dedicated vehicle ensuring the use of methanol for the main torch, utilizing fuel from the same source as the main torch's propellant.

Methanol-Hydrogen Technology, with its core focus on methanol-hydrogen electric technology, engages in the R&D, manufacturing, and sales of the next-generation electric vehicles powered by methanol-hydrogen energy. The company also explores and applies new technologies for green methanol production and establishes a methanol energy refueling security system. Through an integrated design encompassing, methanol, vehicles, goods, stations, and finance, the company is constructing a diversified green methanol transport ecosystem, facilitating the rapid and widespread adoption of methanol commercial vehicles.