HONG KONG — Electric heavy-duty truck developer Windrose Technology has completed the second phase of its Series B financing, raising the total funding for this round to $110 million.
Investors include London-based HSBC, Boston-based HITE Hedge Asset Management, industrial real estate and digital infrastructure specialist Goodman Group, along with executives from global brands and logistics companies, according to a news release.
“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 news release states. “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’s electric long-haul truck has a range of 400 miles under full load of 49 tons, according to the company.
The Windrose EV truck has an 800V high-voltage, fast-charging platform and can replenish 250 miles 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 and SUD, Windrose has initiated deployment in China, with Europe, the United States and Australia to follow.
“As a young entrepreneur in my early 30s, 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,” said Wen Han, founder, chairman and CEO of Windrose. “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 $1 billion investment firm headquartered in Quincy, Mass., with a 20-plus year track record of generating alpha in energy and related industries, now profiting from the energy transition.
“Windrose is pioneering the way forward for the commercial trucking industry,” said David A. Levine, a portfolio manager at HITE Hedge. “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 his company is supporting Windrose’s venture as part of a 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,” Harvey added.
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.
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