Immotor completes Series C1 financing
SHENZHEN, China, Sept. 29, 2020 /PRNewswire/ -- Leading power battery exchange company Shenzhen Immotor Technology Co., Ltd. (Immotor) announced the closing of its series C1 funding round, raising USD 30+ million led by Southern Power Grid Capital (China) with participation from Eurozeo Group Idinvest Partners (France), PKSHA SPARX Algorithm Fund (Japan) and 57Stars (USA), while existing investors Asia Green Fund, Qingdao Yongwan Capital, Cong Bi Qiu Shi Capital and Mirae Asset Group (South Korea) continued their investments. This latest round brings Immotor's total funding to more than USD 100 Million.
Previous investors include Hyundai Motor Group, Samsung Group and Mirae Asset Group. Immotor is the leader of the intelligent green energy network for electric two-wheel vehicles. Established in 2015, Immotor released its "e-exchange" brand in 2017, which pioneered an innovative power battery exchange platform that includes its patented power batteries, advanced battery-exchange stations, convenient mobile app, and AI enabled big data platform support.
When it comes to why Mirae Asset Group (South Korea) continues holding in Immotor, Scott Kim said: "The market itself is very large. Immotor was the first, and the growth space is still huge when considering third-tier and lower cities. We're very optimistic about the executive power of the team."
Daniel Huang, founder and CEO of Immotor, is a successful entrepreneur. In just three years, he and his team have covered more than 50 cities. With 77 issued patents and 65 pending patents, Immotor is a pioneer in the power battery exchange market and is now an industry leader operating in 54 cities with over 500,000 daily battery exchange orders. As of the second quarter of 2020, Immotor's exchange stations have served cumulative orders of over 180 million which enabled travel distance of 1.8 billion kilometers in China.
Daniel Huang said that the company will use this funding to develop new power battery products, accelerate its expansion plans of deploying power battery exchange stations in major cities, as well as to execute its long-term strategy of building an intelligent green energy network for the electric, two-wheel vehicle riders in China.