Geely Auto Group’s “new energy” commercial vehicle unit, Farizon Auto, said it had raised US$300m in its pre-A round of fundraising which would be used to strengthen its range of low and zero emission vehicles.

This latest investment round was led by Hidden Hill Capital, which is backed by Singapore’s Global Logistics Properties, Citic Securities Investment and Transfar Group.

According to local reports, Farizon had a leading position in China’s new energy commercial vehicle market.

The company launched its first BEV light commercial vehicle range and electric city bus in 2016 and had since launched a methanol powered heavy truck range.

Farizon is also a service provider, operating platforms for commercial vehicle fleet rentals, intelligent management, green energy supply chains and battery charging and swapping networks.

The company said the new funds would be ploughed into its research and development operations, to help strengthen its new product development capability including connected technology. It aimed to achieve operational carbon neutrality in 2025 and full life cycle carbon neutrality in 2030.