Industry Innovator Immotor Closes $US30+ Million Series C1 Funding Round with Participation from Premier Chinese and International Investors
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 $US 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) continue to bet. This latest round brings immotor's total funding to more than $US 100 Million.
Daniel Huang, founder and CEO of Immotor, 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-wheeler vehicle riders in China.
There are more than 300 million electric two-wheeler vehicle riders in China who are still using the traditional battery solution which has constant issues in lengthy charging time, outdated battery technology, poor battery life, unmanageable battery disposal and battery safety. Immotor was founded with a vision to create a revolutionized battery exchange platform that allows riders to eliminate the needs to charge the battery on their own but to upgrade their electric two-wheeler vehicles intelligently with the company's innovative power battery exchange network including patented power batteries, advanced battery-exchange stations, convenient mobile user apps, and AI enabled big data platform support.
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.
Earlier this year during the outbreak of COVID-19 in China, the increasing demand for food delivery, customized express delivery, and grocery delivery has boosted the last mile delivery and short-distance logistic industry, which hugely stimulated the battery exchange business. With the advantage of its convenient battery exchange stations, user-friendly mobile app, unattended and non-contact operation, Immotor was able to provide the most efficient and safest energy solution for the booming food delivery and logistics industry. As a result, Immotor's business has grown rapidly during the epidemic in China and has maintained a steady growth since then.
"Innovation has always been in Immotor's gene," Daniel Huang commented. "With the new capital funding, we will continue to invest in cutting edge power battery technology, develop state-of-the-art products and services, enhance our mobile app and big data platform, expand our business offerings to other markets, and with our incredibly diversified multi-national investors on board, we may even explore overseas opportunities."
Immotor has been listed as the Hurun China Future Unicorns 2019 and Hurun Mountain Goats 2020, which list companies most likely to "go unicorn" within the next three years.
Shenzhen Immotor Technology Co., Ltd. previously jointly invested by Hyundai Motor Group, Samsung Group and Mirae Asset Group, is the global leader of the intelligent green energy network for the electric two-wheeler vehicles. Established in 2015, Immotor released its "e-exchange" brand in 2017, which pioneered an innovative power battery exchange platform that includes its patent power batteries, advanced battery-exchange stations, convenient mobile user apps, and AI enabled big data platform support. Immotor is headquartered in Shenzhen, China.