Commercial Vehicle Manufacturer Newrizon Secures Series B+ Financing from NIO Capital
On February 20, Newrizon, a smart new energy commercial vehicle company in China, announced that it had received a Series B+ round financing of over 100 million yuan ($14.6 million) from NIO Capital. The funds will be used for R&D, mass production, and marketing of light trucks and vans, as well as R&D of core technologies and supply chain integration.
Newrizon was founded in September 2020 by Charles Huang, former senior vice president of NIO, a Chinese electric car maker. Huang was in charge of the R&D of battery, motor, electric control, and autonomous driving technologies.
At present, the Newrizon EC1 model sold over 1,000 units in one year. The iC1 model is expected to launch in mid to late 2023, and the IV1 model is in the process of R&D.
Newrizon developed a proprietary automotive chassis, an integrated liquid-cooled battery pack with expandable capacity, a battery cooling design scheme, and a battery management system that can effectively prolong the battery life cycle. The maximum power of Newrizon’s motors can reach 130kw. Their batteries have a density of over 140 Wh/kg, designed to meet the requirements of various driving conditions. In addition, Newrizon has developed its own vehicle system based on the domain controller, which can realize powertrain optimization and dynamic AI-driven energy savings. Compared with similar vehicles, Newrizon models can extend mileage by 10% to 20% under the same energy consumption rates.
At the operational level, Newrizon will provide customers with daily energy consumption reports, safety reminders, team members’ driving data, and vehicle status checks. An app-based integrated management platform can help customers realize real-time management of fleets and vehicles.
In 2023, Newrizon plans to provide vehicle rental services, which can increase customer retention and bring new revenue growth streams. Currently, R&D personnel account for more than 50% of the company’s 150+ employees.
In the field of commercial vehicles, Newrizon faces rivals like Geely-backed Farizon Auto, Dongfeng Motor, and Baidu-backed Deepway.
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Ian Zhu, a managing partner of NIO Capital, commented, “After passenger cars, commercial vehicles are the next important field. Commercial vehicles account for about 60% of carbon emissions in road traffic, showing great potential for carbon reduction. The use of electric commercial vehicles is economical, and the scale of its application needs to be improved.”