Electric Truck Developer Windrose Technology Completes Financing Round


Electric heavy-duty truck developer Windrose Technology has completed the second phase of its Series B financing, raising the total funding for this round to $110 million. Investors in this round of financing include London-based HSBC, Boston-based HITE Hedge Asset Management, industrial real estate and digital infrastructure specialist Goodman Group, and executives from global brands and logistics companies.

The proceeds of this Series B financing will be used to accelerate the testing and deployment of Windrose’s electric long-haul trucks worldwide, to set up a new supply chain center and production facility, as well as to implement fast-charging infrastructure. The first installation of one of the world’s fastest mega-watt level chargers at Goodman’s Citylink property near Beijing, China will be operational in the second quarter of 2024.

Windrose’s first electric long-haul truck has a range of 670 km under full load of 49 tons. The Windrose EV truck has an 800-volt fast-charging platform and can replenish 400 km of range in less than 36 minutes. Additionally, the company has completed high-temperature, high-altitude and low-temperature testing. Working with customers and partners including Rokin Logistics, Kerry Logistics, BorgWarner and TUV SUD, Windrose has begun deployment in China, with Europe, the U.S. and Australia to follow.

“As a young entrepreneur in my early thirties, I’m deeply respectful of the enormity of our vision of bringing zero-emission long-haul trucks to China, Europe, the U.S. and other parts of the world,” says Wen Han, founder, chairman and CEO of Windrose. “My Stanford education has fostered the entrepreneurial spirit in me, but I also recognize that Windrose can only achieve our goal of revolutionizing the global trucking industry by standing on the shoulder of giants, and I’m truly grateful to be supported by world-class investors, customers and partners.”

HITE Hedge Asset Management is a $1 billion investment firm headquartered in Quincy, Massachusetts, with a 20-plus-year track record of generating alpha in energy and related industries, now profiting from the energy transition.

“Windrose is pioneering the way forward for the commercial trucking industry,” says David A. Levine, a portfolio manager at HITE Hedge. “It’s fast-moving, go-to-market with world-leading technologies and is defining the future way our commercial fleets will electrify — showing real-time how the energy transition will enable more efficient and better transportation solutions globally tomorrow.”

Notify of
Inline Feedbacks
View all comments