New energy firm Breton has secured 579 million yuan ($85.3 million) in an extended Series C funding round from Chinese investors, bringing its total capital raise in 2022 to over 1 billion yuan ($147.3 million).
Shanghai-based Breton, which develops new energy-powered engineering machinery as well as self-driving solutions, raised the 579-million-yuan Series C+ round following the completion of the first tranche in July 2022, the firm announced in a statement.
The firm said its combined fundraising in the Series C, C+ rounds stood at about 750 million yuan ($110.5 million) in equity financing, plus another over 250 million yuan ($36.8 million) in debt financing.
Four domestic investors participated in Breton’s Series C+ round, including Hunan Xiangtan Caixin Chanxing Equity Investment, Tianjin Xingyue Puyu Technology, Jiaxing Xuying Equity Investment, and Jinhua City Breton Talent Equity Fund, it said.
The fresh capital will fund Breton’s efforts in new product development, the construction of its smart factories, and its continued investment in next-generation technologies.
Founded in 2016, Breton produces hydrogen fuel-powered and pure electric engineering machinery, such as heavy-duty trucks, excavators, backhoe loaders, and other heavy equipment vehicles, to help industries from mining and transportation to manufacturing and logistics reduce reliance on environmentally destructive fossil fuels.
Its businesses also cover the provision of autonomous driving solutions and smart solutions that help clients produce, store, and utilise eco-friendly wind energy and solar power.
The first tranche of Breton’s Series C round was led by Rockets Capital, an investment firm backed by Chinese electric car maker Xpeng; and China-focused Milestone Capital, among others. The country’s truck trailer manufacturer CIMC Vehicles, Kesheng Investments, and Shanghai CIVC Investment were among the participating investors.
The firm had targeted an annual revenue of 1 billion yuan for 2020 upon the completion of its first tranche of the Series C round.