Sany Heavy Truck, the leader of new energy heavy trucks, completed nearly 1 billion yuan in Series A financing

Recently, Hunan Xingbida Network Technology Co., Ltd. (hereinafter referred to as "Sany Heavy Truck") announced the completion of nearly RMB A round financing. This round of financing was jointly led by Yinshan Capital, China Merchants Capital and SDIC China Merchants, followed by Suzaku Assets, Huaxu Fund and other institutions, and Light Source Capital served as the exclusive financial advisor. It is reported that this round of financing will be used to accelerate the product research and development and launch of a new generation of new energy heavy trucks, and continue to expand market share.

Sany Heavy Truck was officially established in 2017, belonging to Forbes Global 500 enterprises, global equipment manufacturing giant Sany Group, relying on the industry's top R&D and manufacturing strength, Sany Heavy Truck has successively launched a number of heavy products such as fuel heavy trucks, lithium battery heavy trucks, hydrogen fuel heavy trucks, etc., to achieve comprehensive leadership in the industry with technological innovation, and have won many industry "sales championships", and is accelerating to become the first brand of new energy heavy trucks.

Comprehensive card position of the future market

At the same time, the layout of fuel, lithium battery and hydrogen fuel heavy trucks

As an important carrier of road freight, heavy trucks have high fuel consumption and high mileage, accounting for 41% of the world's total road freight carbon emissions, and are a major carbon emitter in the transportation field. Driven by the "dual carbon" goal, new energy heavy trucks have become the preferred means of transportation for large high-emission enterprises such as cement, metal smelting, and mining due to their significant advantages of zero emissions and low energy consumption. In 2021, our country's new energy heavy truck sales exceeded 10,000 units, a year-on-year increase of 300%, and is expected to exceed 22,000 units in 2022, a year-on-year increase of 120%. With the in-depth promotion of the dual carbon strategy and the improvement of charging and swapping infrastructure and energy replenishment efficiency, the new energy heavy truck market is expected to usher in continuous explosive growth.

Since entering the field of heavy trucks in 2017, Sany Heavy Truck has built an intergenerational product matrix by virtue of its accurate judgment of market development and market decision-making in line with market demand, and laid out a new generation of fuel heavy trucks and new energy heavy trucks.

In the field of new energy heavy trucks, Sany heavy trucks laid out electrification earlier, adhered to the road of independent research and development, made important breakthroughs in core technologies such as batteries, motors, and electronic controls, and led the electrification of heavy trucks with technological innovation. In terms of hydrogen fuel heavy trucks, in June 2021, the first hydrogen fuel heavy truck independently developed by Sany Heavy Truck officially rolled off the production line, with the advantages of long battery life, low hydrogen consumption, lightweight, weather resistance, etc., and all performance has reached the best level in the industry, which can meet the needs of medium and long-distance transportation of more than 400km.

In the field of fuel heavy trucks, Sany Heavy Truck first introduced Internet thinking into the heavy truck industry, completing the subversive change of the traditional heavy truck manufacturing industry. Five years after its establishment, Sany Heavy Truck has completed three generations of product development and put it on the market, and the iteration speed of a single product far exceeds the industry average of four to eight years. The new generation of Jiangshan version of the fuel heavy truck has an energy-saving advantage of more than 5% through the application of leading technologies such as intelligent torque control and cruise control. The hybrid version of the model to be launched in 2023 will have a fuel saving rate of more than 15%, reaching the international leading level. Behind the rapid iteration is Sany Heavy Truck's customer-oriented car-making concept. User experience is often not valued in traditional truck manufacturing, and Sany Heavy Truck will investigate a large number of truck drivers in the research and development process, starting from the real experience of users, accepting user feedback and rapidly iterating to bring the products most urgently needed by users to the market.

In addition to front-end product research and development, Sany Heavy Truck also attaches great importance to the accurate implementation of new energy heavy trucks in different commercial application scenarios. Relying on the strong accumulation of industrial customers of Sany Group, Sany Heavy Truck has joined hands with many partners to carry out strategic cooperation in many scenarios such as steel freight, port shortening, coal transportation, special line transportation and sand and gravel transportation. Sany heavy trucks have successfully built China in the steel town of Tangshan QianxiElectric tractorsIn the first scene, more than 20 local logistics freight or steel and building materials companies chose Sany electric heavy trucks. The company has also successively carried out in-depth cooperation with GCL Energy, Hebei Land Port Bonded Logistics, Wu'an Top Six Logistics, etc., giving full play to their respective advantages, rapidly laying out multiple markets and scenarios, and promoting the widespread application of new energy heavy trucks.

Entering the era of electrification 2.0

Build leading products that define industry standards

The electrification of heavy-duty trucks has now become the main direction of carbon reduction in the transportation sector. At the Sany Electrification 2.0 new product launch conference held in September 2022, Sany Heavy Truck released 13 electric tractors, 2 battery swap stations and "Magic Tower" batteries, officially announcing that its electric heavy trucks have entered the 2.0 era.

At the press conference, Sany Heavy Truck launched a new 2.0 heavy truck product of the Jiangshan SE series, with a total of 13 electric tractors. Among them, Jiangshan SE-437H has an assembly battery capacity of 437 kWh, which is the largest power swap heavy truck in the global industry. The other Jiangshan SE-565C is currently the industry's largest mass-produced charging model, with an assembled battery capacity of 565kWh and a cruising range of more than 320km, and it is also the industry's first pure electric heavy truck to support intercity dedicated line transportation. Compared with the previous 1.0 products, the 2.0 series has been greatly improved in terms of battery life, energy consumption, energy replenishment, etc., which can further improve economic and environmental benefits for users in different usage scenarios.

Battery life is one of the core pain points restricting new energy heavy trucks. Liang Linhe, chairman of Sany Heavy Truck, believes that the progress of electric heavy trucks comes from the iteration of battery technology, which is also the technology research and development direction that Sany Heavy Truck has always adhered to. In order to solve the problem of electric heavy truck endurance, Sany Heavy Truck officially released the Magic Tower battery using MTB technology in September 2022, reducing the battery weight by half a ton, reducing the volume by one-third, increasing the energy density by 20%, and increasing the endurance by 4 times in winter, greatly expanding the application scenarios of new energy heavy trucks.

In terms of product tolerance, electric heavy trucks are often sensitive to extremely hot and cold environments, and battery life is facing severe challenges. In order to ensure that electric heavy trucks can operate normally in harsh environments such as extreme cold in Xinjiang and extreme heat in Hainan, Sany heavy trucks have completed more than ten different road conditions and the most stringent extreme environment tests in the industry through its core three-electric system, thermal management system and battery charging combination strategy, leading the low-temperature charging, heating and cab defrosting performance of the vehicle at -40°C, and the ultra-low temperature endurance of -30°C is at the leading level in the industry.

Leading the intelligent transformation

Create a world-class model of "intelligent manufacturing"

As smart transportation is elevated to the height of national strategy, autonomous driving is considered the ultimate goal of automotive intelligence. At present, the labor cost of heavy truck drivers is high, driver resources are becoming more and more scarce, and the labor cost is multiplied in the harsh scenario of special working environment such as mining areas, and the risk factor is high. Under the current technical conditions, the scenario-based operation of autonomous driving of heavy trucks can be fully realized.

Sany Heavy Truck actively promotes the implementation of L4 autonomous driving technology, and creatively creates an ecological closed loop of cars, intelligent driving technology, and smart logistics in the industry. In September 2022, the first batch of cooperative L4 wire-controlled chassis has rolled off the production line and delivered. In addition, Sany Heavy Truck and its partners jointly completed the L4 autonomous driving road test of the world's first 5G electric intelligent heavy truck, which is the industry's first case of "5G + autonomous driving + electrification" application. At present, this car has passed the national autonomous driving license qualification test, and will start commercial operation of autonomous driving in formation form in the future.

Sany Heavy Truck has also implemented the concept of intelligence into the manufacturing stage, and the Sany Zhilian Heavy Truck Industrial Park built by it is the first park based on digital and intelligent technology in Sany, which has become a new benchmark for intelligent manufacturing. The Zhilian Heavy Truck Industrial Park is positioned to create a national advanced manufacturing highland and a world-class model of "intelligent manufacturing", introducing large-scale high-end manufacturing processes at the level of global lighthouse factories, with 3 super three-dimensional warehouses, 463 AGVs, and 222 robots. Every heavy truck that rolls off the production line from here has an industry-leading vehicle intelligent system, including fleet intelligent management, OTA remote upgrade, fault pre-diagnosis and other intelligent technologies, so that the heavy truck has a "smart brain".

Liang Linhe, founder and chairman of Sany Heavy Truck, said: "Sany Heavy Truck is committed to reconstructing the industrial ecology and being a pioneer in the green transformation of road transportation equipment. In the direction of new energy, we have made a lot of R&D investment, which has been highly recognized by the market and has become the first brand of new energy heavy trucks. We will strengthen in-depth cooperation with new shareholders in the field of industrial ecology, further increase new energy and intelligent innovation, and Sany heavy truck business will enter the fast lane of development. At the historical intersection of the third energy revolution and the great rejuvenation of the Chinese nation, we are determined to lead the energy transformation of commercial vehicles and become a world-class commercial vehicle brand. We have established a top-notch talent incentive mechanism and development platform to welcome talents from all over the world to join our exciting cause. ”

Dongfang Hao, chairman and managing partner of Yinshan Capital, said: "In recent years, the penetration rate of new energy heavy trucks in China has increased rapidly, on the one hand, thanks to the 'double carbon' goal, the problem of high carbon emissions of traditional heavy trucks has become prominent, promoting the accelerated implementation of favorable policies, and the relevant charging and swapping infrastructure and supporting services are also constantly improving; on the other hand, in many application scenarios, new energy heavy trucks have obtained full product verification and market recognition. As the head enterprise of domestic new energy heavy trucks, Sany Heavy Truck has long been deeply involved in the core technology of the three-electric system, and continues to polish its own products based on the understanding of customer needs. In the future, Yinshan Capital will cooperate with GLP's industrial ecological resources to jointly empower Sany Heavy Truck, based on the application scenarios connected by new energy infrastructure, and rely on GLP's international and diversified business platform layout, and continue to carry out in-depth cooperation in the fields of new car purchase, technical exchange, product going overseas and service infrastructure upgrades. We firmly believe that Sany Heavy Truck will continue to give full play to its product and technological innovation advantages and consolidate its leading position in the heavy truck industry driven by new energy and intelligence. ”

Zhu Zhengwei, senior managing director of China Merchants Capital, said: "China Merchants Capital established a new energy vehicle fund in 2015, has been systematically paying attention to the new energy vehicle and commercial vehicle track for a long time, and is firmly optimistic about the long-term development of the industry, and has invested more than 10 billion yuan in the upstream and downstream of the entire industrial chain. In the new energy commercial vehicle segment, the overall commercial value of heavy trucks and their contribution to road transportation are very large, and in the future, under the full-scenario business model, with vehicles as the entry point, how to better provide additional services such as chain fleet management, and even master the overall freight distribution capacity to develop into a comprehensive transportation platform, is the direction we attach great importance to. We are very optimistic about the management team of Sany heavy trucks, with efficient execution, and have also cultivated and introduced top talents in the industry, and more importantly, the ability to understand specific application scenarios such as ports and steel plants. As an industrial investor, we are very happy to see the gradual implementation of the cooperation between our industrial ecology and Sany Heavy Truck. ”

Shi Xiaohui, head of Shandong Land-Sea Linkage Fund, said: "Shandong Land-Sea Linkage Fund is jointly initiated by Shandong Port Group and China Merchants Capital, with a total scale of 10 billion yuan, focusing on investing in industrial fields that support the development of the marine economy, focusing on investment opportunities in transportation and logistics, smart port and shipping, high-end manufacturing and strategic emerging industries, and is committed to promoting the construction of a new pattern of integrated development of the sea and land industry. Relying on the advantages of Shandong Port Group and China Merchants Capital Industry, the fund fully provides value-added services for ecosystem enterprises and boosts their development. Sany Group has always been an important partner of Shandong Port and China Merchants Port, and Sany Heavy Truck is a pioneer in the deep integration, intelligence and digital transformation of Sany Group's real economy and Internet. In the future, the two sides will take advantage of their respective industrial advantages to discuss extensively in the product field, join forces in market development, and work together to promote the high-quality development of China's commercial vehicle industry. ”

Li Xiao, managing director of SDIC Merchants, said: "Sany Heavy Truck leads the upgrading of heavy truck products with technological innovation, draws on Internet thinking and the intelligent manufacturing experience of Sany Lighthouse Factory, and creates competitive new energy heavy truck products. After this investment, it will make full use of its long-term accumulation of advanced manufacturing, new energy intelligent vehicles and other industrial ecological resources to help Sany Heavy Truck grow into the first brand of China's new energy heavy trucks, and work together to contribute to the realization of the 'double carbon' goal. ”

Suzaku Assets said: "Heavy trucks are an important means of production for the development of the national economy, and their hydrogen electrification and intelligence will greatly help deep decarbonization, which is an inevitable trend for the future development of the industry." Suzaku is not an ordinary investor, but a dedicated entrepreneur himself, investing in entrepreneurs in the way of entrepreneurs and cooperating with entrepreneurship. For a long time, we have adhered to the confidence and belief in the progress of the country and society, and continued to pay attention to and invest in the 'dual carbon' cause from the perspective of 'industrial logic allocation'. Sany Heavy Truck is the pioneer of new energy heavy trucks, adhering to the mission of Sany Group of 'quality changes the world', in a short period of time, with the ultimate product quality and perfect supporting services to rank among the head camp of new energy heavy trucks, fully demonstrating the excellent leadership and efficient execution of the founding team. Suzaku Asset is honored to participate in the Series A financing of Sany Heavy Truck, and will work hand in hand with outstanding enterprises under the vision of 'sustainable value creation' to actively embrace the needs of high-quality development driven by scientific and technological innovation." At the same time, Suzaku Assets will effectively use the trust of capital links to promote ecosystem enterprises with common values to achieve more business collaboration in the future, and help Sany Heavy Truck become a global benchmark leading the energy revolution. ”

Dr. Yung Zhicheng, Chairman and Managing Director of Huaxu Fund, said: "Huaxu Fund focuses on hard science and breakthrough technology investments facing key industries in the next 10 years. We invested in Sany Heavy Trucks because the company aims to revolutionize the transportation industry by combining best-in-class industrial vehicle platforms, advanced semiconductors and electronics, wireless communications, sensors and autonomous driving, next-generation new energy vehicles, the most efficient supply chains, and manufacturing processes. Sany Heavy Truck adheres to the vision of providing customers with industry-leading intelligent driving and green energy vehicle technology products with independent intellectual property rights, and establishes a world brand of new energy commercial vehicles with global influence. ”

Xue Ling, managing director of Light Source Capital, said: "Sany Heavy Truck seizes the opportunity of the electrification industry, carries out forward-looking layout and iteration in core technologies such as core three-electric system, integrated chassis design, and vehicle intelligence, and at the same time relies on the excellent intelligent manufacturing genes and supply chain capabilities inherited from Sany Group to quickly achieve sales breakthroughs and build the first brand influence of new energy heavy trucks." Light Source Capital highly recognizes the entrepreneurial spirit, R&D strength and industrial pattern of the Sany heavy truck team, and is very honored to serve as the exclusive financial advisor for this round of financing, and looks forward to working side by side with Sany for a long time in the future to help the goal of 'intelligent manufacturing' + 'double carbon'. ”