"The latest tranche was led by Stone Venture, with participation from NGS Super, an Australian superannuation fund for education-sector workers, and Xiamen Guosheng Fund. Existing investors ABC Impact, backed by Temasek, and Nanjing Ronghe Venture Capital also increased their stakes."
"The involvement of NGS Super is notable. Australian superannuation funds managing retirement savings for hundreds of thousands of teachers and community workers do not typically lead the list of investors in pre-IPO rounds for Chinese autonomous vehicle startups."
"NGS Super's chief investment officer Ben Squires cited the company's 'long-term investment value' and its potential to create a 'sustainable commercial closed loop' in a statement, while noting the fund's 'extensive resources in Australia and New Zealand' as a basis for supporting DeepWay's international ambitions."
DeepWay, based in Hefei, has delivered 6,400 intelligent electric heavy-duty trucks and is preparing for a Hong Kong stock market listing. The company has raised $310 million in pre-IPO financing, with notable participation from NGS Super, an Australian superannuation fund. This involvement indicates a growing interest in the decarbonization of heavy freight. NGS Super's chief investment officer emphasized the long-term investment value and potential for a sustainable commercial closed loop, supporting DeepWay's international ambitions despite the company not yet turning a profit.
Read at TNW | Electric-Vehicle
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