Zero-Emission Truck Developer Windrose Technology Completes US$110 Million Series B Financing

2024-04-11 22:54 1497

HONG KONG, April 11, 2024 /PRNewswire/ -- Electric heavy-duty truck developer Windrose Technology has announced completion of the second phase of its Series B financing, raising the total funding for this round to US$110 million. The investors of this round of financing include London-based HSBC, Boston-based HITE Hedge Asset Management, industrial real estate and digital infrastructure specialist Goodman Group (ASX:GMG), and executives from global brands and logistics companies.

Windrose electric long-haul truck has started testing with Decathlon in China
Windrose electric long-haul truck has started testing with Decathlon in China

The proceeds of this series B financing will be used to accelerate the testing and deployment of Windrose Technology's electric long-haul trucks globally, to set up a new supply chain center and production facility, as well as to implement fast-charging infrastructure. The first installation of one of the world's fastest mega-watt level chargers at Goodman's Citylink property near Beijing, China will be operational in the second quarter of 2024.

Windrose Technology is building the next generation of zero-emission and intelligent long-haul trucks that serve customers in moving consumer and industrial goods, offer cleaner and cheaper logistics around the world. The company's first electric long-haul truck has a range of 670km under full load of 49 tons. The Windrose EV truck has an 800V high-voltage fast-charging platform and can replenish 400km of range in under 36 minutes. Further, Windrose has completed high-temperature, high-altitude and low-temperature testing. Working with customers and partners including Rokin Logistics, Kerry Logistics, BorgWarner, TUV SUD, Windrose has initiated deployment in China, with Europe, the United States, and Australia to follow.

Windrose founder, chairman, and CEO speaks at a joint event with Decathlon in China
Windrose founder, chairman, and CEO speaks at a joint event with Decathlon in China

Wen Han, founder, chairman, and CEO of Windrose says, "as a young entrepreneur in my early thirties, I'm deeply respectful of the enormity of our vision of bringing zero-emission long-haul trucks to China, Europe, U.S., and other parts of the world. My Stanford education has fostered the entrepreneurial spirit in me, but I also recognize that Windrose can only achieve our goal of revolutionizing the global trucking industry by standing on the shoulder of giants, and I'm truly grateful to be supported by world-class investors, customers, and partners."

HITE Hedge Asset Management is a $1B investment firm headquartered in Quincy, MA with a 20+ year track record of generating alpha in energy and related industries, now profiting from the energy transition. David A. Levine, a Portfolio Manager at HITE Hedge said, "Windrose is pioneering the way forward for the commercial trucking industry. Its fast-moving go-to-market with world leading technologies is defining the future way our commercial fleets will electrify – showing real-time how the energy transition will enable more efficient and better transportation solutions globally tomorrow."

Kristoffer Harvey, Chief Executive Officer of Greater China at Goodman Group, said: "We're supporting Windrose's battery electric autonomous-ready heavy-duty truck solutions as part of our commitment to sustainability and innovation. Installing one of the world's fastest mega-watt chargers at Goodman Citylink is a breakthrough step in empowering our customers' green transportation goals and we look forward to seeing more of this innovation across our portfolio."

Part of the series B financing was in the form of bank debt, led by HSBC through its HSBC New Economy Fund, a USD3 billion specialist lending scheme to start-ups and tech-led businesses. Ray Liang, Head of Portfolio Company Coverage, Innovation Banking, Hong Kong, HSBC, said, "electric vehicle companies are revolutionizing transportation and logistics with their latest technology in reducing emissions and optimizing energy efficiency. In recent years, there has been a shift towards electrification in the passenger vehicle market. This transition is expected to expand to commercial vehicles, with adoption rapidly growing in heavy-duty trucks. At HSBC, we are committed to supporting these companies that are shaping a more sustainable future of the world. Leveraging our extensive global network and financing expertise, HSBC is uniquely positioned to provide unparalleled support for these pioneering tech companies." 

Windrose EV trucks will start production in 2024
Windrose EV trucks will start production in 2024

About Windrose:

Windrose Technology is a developer of zero-emissions and intelligent long-haul trucks to revolutionize the road freight business in China, the United States, Europe, and other markets. Windrose is now working with customers and partnerships including Decathlon, Kerry Logistics, and Rokin Logistics. With over 100 R&D professionals and more than 200 patents, the Windrose team is led by Stanford University graduate Wen Han, joined by seasoned veterans from world-leading OEM's, Tier-1 suppliers, and technology companies. Windrose's advisory board includes current and former executives from Coca-Cola, Starbucks, Toys "R" Us, J.B. Hunt, XPO, Rokin Logistics, Li Auto, Geely, etc.

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Source: Windrose Technology