(JW Insights) Feb 21 -- Newrizon (前晨汽车), a Chinese maker of smart connected commercial new energy vehicles, has raised over RMB100 million ($14.6 million) from Nio Capital, the investment arm of Chinese electric car startup Nio, in its latest financing round, reported Yicai Global on February 20.

Newrizon was founded in September 2020 by Huang Chendong, who is also its chief executive and previously worked at SAIC Motor and Nio. It banked $10 million in a Series A funding round that same month and raised nearly $50 million from China Creation Ventures, Lightspeed China Partners, Huolala, and Qiyuan Capital in a Series B fundraiser the year after, according to Yicai Global.

The proceeds from the Series B fundraiser will be used in research, development, mass production, and marketing of light trucks and vans, Shanghai-based Newrizon said via WeChat on February 20. They will also go toward the R&D and update of electric and smart connected vehicle technologies, speeding up supply chain integration, and further expansion on the domestic and foreign markets, it said.

Zhu Yan, Nio Capital’s managing partner, said that commercial vehicles account for about 60 percent of road transport carbon emissions, which have great potential to be cut, and the electrification of commercial vehicles need to be stepped up. He added that Nio Capital’s auto industry resources could help Newrizon.

Newrizon’s first product, the EC1, a pure electric light truck with a cruising range of more than 230 kilometers, rolled off the assembly line in October 2021, and has sold over 1,000 units. Its second light truck, the IC1, is expected to hit the market mid to late next year, with a third vehicle, the IV1 van, under development.

Huolala Technology, a Chinese on-demand trucking services provider, has ordered 50,000 of the IC1 and IV1 models to be delivered in batches over the next three years, said the Yicai Global report.

(Chen HX)