Chinese electric heavy-duty truck developer Windrose closes Series B round at $110m

Chinese electric heavy-duty truck developer Windrose closes Series B round at $110m

Windrose's founder, chairman & CEO Wen Han speaks at a joint event with Decathlon in China. Photo from Windrose

Chinese electric heavy-duty truck developer Windrose Technology has completed the second phase of its Series B round to bring the overall fundraising in this round to $110 million.

Its Series B investors include HSBC, Boston-based HITE Hedge Asset Management, Australian industrial real estate and digital infrastructure specialist Goodman Group, as well as executives from global brands and logistics companies, the firm announced on Thursday.

Part of the Series B financing was in the form of bank debt, led by HSBC through its HSBC New Economy Fund, a $3-billion specialist lending scheme to startups and technology-led businesses, according to a company statement.

The Series B2 round followed the completion of the first tranche in January when Windrose raised a nine-digit investment in Chinese yuan. A state-owned venture capital (VC) fund in eastern China’s Hefei City; and Zo Future Group, a Hong Kong-listed company owned by Chinese businessman Paul Suen, were among the Series B1 investors.

Windrose, whose previous investors include FountainVest Partners, Yunqi Partners, and GSR Ventures Management, was targeting an initial public offering (IPO) in the US as early as 2024, its founder and CEO Wen Han told Bloomberg in November 2023. At the time, the firm was selecting investment banks to help it raise at least $200 million in the public listing.

The Chinese company, which counts firms like French sporting goods retailer Decathlon, Hong Kong’s Kerry Logistics, and US auto parts supplier BorgWarner as clients and partners, is building electric heavy-duty trucks for the transportation of consumer and industrial goods.

Founded in 2022, Windrose has introduced its first electric long-haul truck, which offers a range of 670 km under a full load of 49 tonnes. The truck can be charged through Windrose’s 800V high-voltage, fast-charging platform to replenish 400 km of range in less than 36 minutes, according to the statement.

Windrose has initiated the deployment of the electric long-haul trucks in China, with Europe, the US, and Australia to follow.

The Series B funding will allow the firm to speed up the testing and deployment of the trucks globally. It aims to implement fast-charging infrastructure and set up a new supply-chain centre and production facility, said the firm.

The investment comes as Windrose is looking to showcase the first installation of its megawatt-level chargers at Goodman’s Citylink property near the Chinese capital city of Beijing. The new charging facility will be operational in the second quarter of this year.

Edited by: Joymitra Rai

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