Chunqing Technology, a subsidiary of Farizon New Energy Commercial Vehicle Group (Farizon), announced the successful completion of its first round of financing. The company secured $100 million USD in funding with a pre-investment valuation of $1 billion USD.
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The funds will primarily be allocated to ongoing research and development and the development of a green methanol transport ecosystem. In the future, Chunqing Technology will continue to focus on the construction of the methanol ecosystem and actively promote the widespread application of methanol commercial vehicles and green methanol.
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As a strategic subsidiary under Geely Holding Group for the commercial vehicle sector, Farizon has been able to leverage Geely’s nearly 20 years of technical expertise in methanol to successfully develop multiple methanol commercial vehicle models and put them into mass production. The economic viability, environmental friendliness, applicability, and reliability of Farizon’s methanol products have been fully validated and reached globally leading levels in terms of technological maturity and operational scale.
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About Chunqing Technology
Founded in 2016, Chunqing Technology, centered around methanol hybrid electric vehicle technology, engages in the research, development, manufacturing, and sales of a new generation of methanol hybrid electric vehicles. The company also focuses on developing and applying new technologies for the production of green methanol and establishing a comprehensive methanol refueling network.
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Through an integrated business model that encompasses methanol, vehicles, freight, stations, and financing, Chunqing Technology is building a diversified green methanol transport ecosystem, aiming to facilitate the rapid adoption of methanol commercial vehicles.
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