Shanghai (ZXZC)- Chinese new energy commercial vehicle manufacturer Newrizon today announced via its WeChat account that it has raised over 100 million yuan ($14.56 million) in its Series B+ financing round, which is backed by NIO Capital.

The proceeds will be primarily used for the R&D, mass production, and marketing of light-duty truck and van models, as well as the iteration of core technologies related to new energy vehicles (including batteries, electric motors, and electric control units) and intelligent connected vehicles.

Additionally, the funds newly raised will also help boost the integration of the supply chain for the company and further speed up its market expansion.

iC1; photo credit: Newrizon

Founded in 2020, Newrizon has already closed two financing rounds in addition to the said B+ round. In 2020, it completed Series A round where Lightspeed China Partners poured about $10 million. Then in 2021, it nabbed $50 million in Series B funding, which was led by China Creation Ventures, and followed by Lightspeed China Partners, Lalamove, and Axiom Asia.

The startup’s first light truck model, the EC1, has already hit the market. The company plans to put another new energy light-duty truck, the iC1, onto the market in mid-2023.

The iC1 supports the battery swap and optional autonomous driving functions, said the automaker.

In the future, Newrizon will also roll out vans and other types of vehicles to accelerate the electrification and intelligent transformation of the logistics scenario, and help business users reduce costs and increase operational efficiency.