China's Breton Technology raises $84m
Breton Technology, a China-based manufacturer of new energy mining equipment, has closed an extended Series C round of CNY 579m (USD 84.5m) from a slew of domestic investors.
Participants included Hunan Xiangtan Caixin Chanxing Equity Investment, Tianjin Xingyue Puyu Technology, Jiaxing Xuying Equity Investment, and Jinhua City Breton Talent Equity Fund, according to a statement. The company received about CNY 750m in equity funding and CNY 250m in debt financing across the Series C and Series C extension.
AVCJ Research’s records show that Eastern Bell Capital, Yijin Capital, and Zheshang New Energy committed an undisclosed sum in 2018. This was followed by a CNY 400m round in April 2021 from social media platform Joyy, Puchao Capital, Zhiming Capital, and Zhongshan Broad-Ocean Motor.
The first tranche of the Series C, announced in July 2022 and said to be hundreds of millions of renminbi, was led by Rockets Capital, Milestone Capital Partners, and Hefei Renfa Xinneng Investment Fund Management. CIMC Vehicle, Shanghai SAT Investment, and Shanghai Kesheng Investments also took part.
Breton has released three fully electric loader vehicles, four electric wide-body dump trucks, and three road transportation vehicles, of which two have charging capabilities and one where the battery must be swapped out. It claims core technology in autonomous driving, digital vehicle management, electric powertrains, and electric vehicle architecture.
The company’s equipment has featured in major construction projects such as the Sichuan-Tibet railway, Hangzhou-Ningbo expressway, Qingdao’s sub-sea Jiaozhou Bay highway tunnel, and the west-to-east power transmission programme, which is intended to shift electricity for consumption in China’s eastern regions where demand is highest.
Breton said the new funding would go towards product development, building smart factories, and next-generation technologies.
This is the second sizeable funding round in a fortnight for a Chinese new energy truck specialist. The other saw Hidden Hill Capital lead a Series A of nearly CNY 1bn for Sany Heavy Truck, which rolled out the country’s first electric tractor and is working on various new energy trucks.
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