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DeepWay Completed 750 Million RMB Series B Financing to Accelerate the R&D of Intelligent New Energy Heavy Trucks

News Provided by Accesswire2024-12-26

HEFEI, CHINA / ACCESSWIRE / December 26, 2024 /On December 26^th, DeepWay announced the successful completion of its Series B financing, raising a total of 750 million RMB. This round was co-led by ZHONGAN Capital and Puhua Capital, with additional investment from existing investor CCB Trust. Other investors inthis round include CGTI Fund, Hefei Industry Investment Capital and Feixi Industry Investment Holdings Ltd, collectively providing strong momentum for DeepWay 's growth.

The funds raised in this round will primarily be used to accelerate the R&D and mass production of DeepWay 's electrification and intelligent technology for heavy trucks in Hefei. In addition, the company plans to strengthen its key component industrial layout in Changxing, Zhejiang. This move aims to help DeepWay rapidly expand its market share in the new energy heavy truck sector and scale operations globally.

DeepWay completed Round B financing.

Wang Yinlong, deputy general manager of Anhui ZHONGAN Capital, said:

"DeepWay 's continuous exploration and accumulation in the fields of commercial vehicle electrification and intelligence demonstrate its formidable market potential and broad development prospects. Our decision to invest in DeepWay is driven by its exceptional engineering team and clearly defined development roadmap. In particular, the substantial orders volume delivered by DeepWay in 2024 fully prove its strong capability in efficiently converting cutting-edge technologies into market-ready products. We believe that DeepWay will experience greater development in the future. "

Yang Jie, fund manager of Puhua Capital said:

"DeepWay, as an emerging force in the truck industry, has seized the opportunity presented by the rapid growth of the new energy truck sector, quickly capturing market share within just over a year of mass production. We chose to invest in DeepWay based on its demonstrated innovation in vehicle electrification and intelligence transition, while effectively balancing cost, giving it a significant competitive edge. We believe that new energy heavy trucks with larger battery capacities can cover a broader range of use cases. The maturity of the technology and the decline in costs will help expand the application of new energy heavy trucks, while the drop in raw material prices for batteries will reduce production costs. We look forward to DeepWay leveraging these funds to further optimize and enhance the industrial efficiency of its key components, developing more safe, reliable and efficient products. With DeepWay 's leading technological advantages and market insights, we believe the company will secure a more significant position in the new energy heavy truck market and capture an even larger market share in the future."

Wan Jun, founder, chairman and CEO of DeepWay, said:

"I am deeply grateful to ZHONGAN Capital and Puhua Capital, the co-lead investors of this round, as well as our existing investor CCB Trust, and CGTI Fund, Hefei Industry Investment Capital and Feixi Industry Investment Holdings Ltd for their participations. It is the trust and support of these outstanding investors, along with their diligent and supportive local governments, that has enabled DeepWay to successfully complete its Series B financing and open the door to broader development opportunities. We will seize this opportunity to further increase investment in vehicle R&D, accelerate the layout of key parts industries, and contribute more to the revolution of the commercial vehicle. At the same time, we look forward to collaborating with more partners to jointly drive the global revolution of the intelligent transportation."