Breton Completes Series C Financing Worth Several Hundred Million Yuan
Heavy-duty truck developer Breton had completed a C round of financing worth several hundred million yuan, local media outlet 36Kr reported on July 20. The financing was led by Rockets Capital (with Xpeng Motors as strategic cornerstone investor), Hefei Rendun and Milestone Capital, and joined by CIMC Vehicles, Shanghai Science and Technology Investment Corp. and Kesheng Investments.
Founded in 2016, Breton is involved in the business of clean energy production and storage. The company also provides users with integrated solutions for green energy management of wind and photovoltaic energy storage and transportation, innovative products such as pure electric construction machinery, mining trucks and heavy trucks. Finally, the company offers customers driverless solutions based on a variety of applications, such as mining, ports, factories and logistics parks. The funds from this round of financing will be mainly used for the company’s product development and expansion of its market share, production base and sales systems.
Breton has set up its own development chain within which is has mastered the core technologies of powertrain, temperature management systems, and unmanned driving. In 2019, it achieved the mass production of 5-ton heavy-duty electric loaders and delivered them to customers. The first batch of equipment has been undergoing testing in Inner Mongolia which has seen it put through three years of severe heat and cold, with a single machine clocking a working time of over 7,000 hours.
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Breton’s automated driving team is working between lab and mine project sites to ensure that driverless large-scale commercial application is flawless. In the future, the company plans to fully automate the entire mining operation and eliminate the need for fossil energy replenishment and manual operations, significantly reducing carbon emissions, lowering costs and improving social productivity.
By 2022, Breton aims to achieve a billion dollars worth of revenue while developing new products and refining its production base.