Recently, Beijing Cavan New Energy Vehicle Co., Ltd. (hereinafter referred to as “Cavan New Energy”) released a progress announcement on capital increase and share expansion. The announcement shows that Cavan New Energy has successfully completed its Pre-A round of financing, raising a total of over 1.2 billion yuan. New shareholders such as the Beijing Green Energy Fund have joined, while existing shareholders including BAIC Foton, BAIC Industry Investment, Bosch Venture Capital, and Boyuan Capital have provided oversubscribed support. Additionally, CITIC Securities Innovation Investment, CICC Capital, Jinyuan Group, and others have participated in this round of financing. Employees of Cavan New Energy supported the financing through an equity holding platform, highlighting their confidence in the company’s development and their commitment to investing full enthusiasm in the mission of “making every kilometer better”. The funds from this capital increase will be used for further investments in R&D, ecological and digital construction, as well as to supplement working capital for production and operations.
The new energy commercial vehicle sector is transitioning from a policy-driven phase to a rapid penetration period driven by technological progress and scenario-based economics. Resources are accelerating their concentration on enterprises with full-chain capabilities and industrial collaboration foundations. Since its establishment in 2022, Cavan New Energy has remained focused on cutting-edge new energy technologies, creating user value, and a sustainable future. It is dedicated to building a new generation of new energy commercial vehicles centered on pure electric and hydrogen energy drives, covering three platforms to meet the needs of all logistics operation scenarios, including urban distribution, intercity transportation, and trunk logistics.
At the end of 2024, Cavan New Energy released its new energy technology strategy and the next-generation new platform concept vehicle Beacon. The first product, Foton Cavan Love, was officially launched this year and has received widespread market acclaim. New small truck and light truck products will also be officially introduced this year. In April of this year, Cavan New Energy held the European Ecological Partners Conference in Shanghai, completing the signing of the first batch of overseas strategic customers, marking its official entry into overseas markets. Through deep strategic collaboration with core European strategic partners, Cavan New Energy will further accelerate the process of its global strategic layout and promote green energy transformation.
Cavan New Energy’s strong development momentum and broad prospects continue to attract the attention and additional investment from capital markets. As a deeply involved strategic investor, Dr. Jiang Hongquan, Managing Partner and Chairman of Boyuan Capital, stated: “Cavan has solid R&D capabilities in vehicle integration and core components, and has achieved high-quality large-scale delivery of products in an extremely short period, demonstrating excellent execution. Since its establishment, Cavan New Energy has clarified its international orientation and has a clear plan for product architecture, market judgment, and overseas expansion. We believe Cavan New Energy is expected to become one of the typical representatives of Chinese new energy commercial vehicles moving towards globalization.”
Liang Wangnan, General Manager of Jingguorui Fund, the manager of the Beijing Green Energy Fund, said: “Under the guidance of the ‘Double Carbon’ goal, the trend of new energy transformation in commercial vehicles is clear, and we are very optimistic about the broad market space for new energy commercial vehicles in the future. Relying on Foton’s deep accumulation in core technologies, supply chains, and logistics ecology, Cavan New Energy has developed a new new energy platform, combining advantageous resources and innovative mechanisms. We look forward to Cavan New Energy accelerating its progress in technological applications and product promotion.” Liu Peilong, General Manager of BAIC Industry Investment, stated: “As an important enterprise in BAIC Group’s new energy commercial vehicle sector, Cavan New Energy has developed rapidly since its establishment. From releasing the new energy technology strategy to the successive launch of products, it has demonstrated strong execution. As an investment platform under BAIC Group, BAIC Industry Investment will continue to support the development of Cavan New Energy in the future, jointly helping to build Cavan New Energy into a well-known brand in the new energy commercial vehicle field.”
Qin Zhidong, Deputy General Manager of Foton Motor and General Manager of Cavan New Energy, said: “This round of financing will further promote the technological progress and development of Cavan New Energy. Technological innovation is the soul of Cavan New Energy, which focuses on two technological routes: pure electric and hydrogen fuel cells. Based on the forward development of three intelligent new energy exclusive platforms, starting from the micro-platform, two new platforms will be successively launched in the next two years. Through three innovative measures of vehicle architecture innovation, core module innovation, and ecological innovation, it will break new ground and promote the evolution of new energy commercial vehicles into a collection of innovative forms such as big data mobile carriers, service and innovation value-added terminals, providing comprehensive solutions for different logistics transportation scenarios.”
This round of capital increase and share expansion demonstrates the shared confidence of all parties in the future development prospects of Cavan New Energy. Through the deep integration of advantageous resources, it aims to inject sustained development momentum into Cavan New Energy’s business, focus resources on key investments, and jointly expand the broad space of the new energy industry. Upholding the brand mission of “making every kilometer better”, Cavan New Energy will further deepen the business philosophy of driving progress in the energy technology era, starting from user value, and continue to bring users exceeding expected value and services.
