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Electric heavy-duty truck developer Windrose Technology announced that it has raised $100 million in its […]]
Zero-Emission Truck Startup Windrose Raises $110 Million – ESG Today
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Zero-Emission Truck Startup Windrose Raises $110 Million
Mark Segal
April 15, 2024
Electric heavy-duty truck developer Windrose Technology announced that it has raised $100 million in its Series B funding round.
Founded in 2022, Windrose Technology develops zero-emissions and intelligent long-haul trucks, targeting markets including China, the U.S., and Europe. The company’s first electric long-haul truck has a range of 670 km under full load of 49 tons, and its platform uses an 800V high-voltage fast-charging platform and can replenish 400km of range in under 36 minutes.
The financing comes as governments globally move to decarbonize road transport, with new regulations recently launched in Europe mandating a 45% emissions reduction from heavy-duty vehicles by 2030 and 90% by 2040, and by the EPA in the U.S., with its own recent emissions reduction standards for heavy-duty vehicles, requiring a significant shift over the next few years to electric vehicles.
Windrose said that proceeds from the financing will be used to accelerate the testing and deployment of the company’s electric long-haul trucks globally, as well as to set up a new supply chain center and production facility, and to implement fast-charging infrastructure.
Wen Han, founder, Chairman, and CEO of Windrose said:
“As a young entrepreneur in my early thirties, 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.”
Investors in the Series B funding round included HSBC, HITE Hedge Asset Management, and industrial real estate and digital infrastructure specialist Goodman Group, as well as executives from global brands and logistics companies. Part of the financing included bank debt, led by HSBC through its HSBC New Economy Fund, focused on funding start-ups and tech-led businesses.
Ray Liang, Head of Portfolio Company Coverage, Innovation Banking, Hong Kong, HSBC, said:
“Electric vehicle companies are revolutionizing transportation and logistics with their latest technology in reducing emissions and optimizing energy efficiency. In recent years, there has been a shift towards electrification in the passenger vehicle market. This transition is expected to expand to commercial vehicles, with adoption rapidly growing in heavy-duty trucks.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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