Chinese electric truck manufacturer Windrose Technology Inc. has begun preparations for its U.S. initial public offering (IPO) planned for next year, according to CEO Wen Han in a statement to Bloomberg News. The company is targeting a fundraise of $200 million through investment banks, which will support the commercial launch of its inaugural zero-emission, autonomous truck.
The company, founded by Han in 2022, also plans to raise an additional $100 million in a pre-IPO round. This funding round is backed by several entities including FountainVest Partners Co., Yunqi Partners, and GSR Ventures Management Co.
Windrose's autonomous trucks are designed with a range of 600km when fully loaded and can charge up to 65% in just 35 minutes. The company already has 1,500 orders for these trucks, with 1,000 coming from the U.S. market.
In addition to its electric offerings, Windrose is also developing a hydrogen fuel cell truck. This move sets it apart from other players in the industry such as Volta Trucks AB, which is currently filing for bankruptcy.
The company's ambitious goals place it in direct competition with Tesla (NASDAQ:TSLA) Inc’s Semi, which is expected to begin deliveries in 2024. With its upcoming U.S. IPO and the backing of significant investors, Windrose Technology Inc. is positioning itself as a serious contender in the electric and autonomous truck market.
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