China’s Farizon, a maker of electric and hybrid trucks which is owned by automaker Geely, has raised $600 million in a Series-A funding round, the company said in a statement, reports Reuters. The Hangzhou-based company, which produces and markets hybrid and pure electric commercial vehicles, said it plans to use the funds for further technology and product development, as well as expansion outside of China.
It said the company’s latest round of fundraising was led by Boyu Capital and Yuexiu Industrial Fund, with participation from other investors such as Singapore-based United Clean Energy and Linjiang Industry Group. It comes on the heels of Farizon’s Pre-A round financing in October 2022, in which it raised over $300 million.
Outside of China, Farizon said the company is moving to establish a presence in markets including as Asia-Pacific, the Middle East, South America and Europe.