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The Clever EV tech startup completes Pre-A+ funding spherical

Revealed: Oct. 22, 2021 at 11:39 PM CDT|Up to date: 1 hour in the past

SHANGHAI, Oct. 23, 2021 /PRNewswire/ — U Energy, a Chinese language Good EV know-how startup, has lately entered right into a strategic settlement with German multinational engineering and know-how firm Bosch, whereby the 2 firms will collaborate on clever car board know-how to assist the event of U Energy’s “UP Tremendous Board.” On the identical time, the startup has introduced the completion of a Pre-A+ spherical of funding, led by Bosch’s market-oriented funding platform Boyuan Capital. This funding was the third spherical of financing acquired by U Energy since its inception 5 months in the past and Boyuan Capital’s first funding since being established.

U Power and  Bosch cooperation signing ceremony
U Energy and Bosch cooperation signing ceremony

Bosch (China) Funding Ltd. EVP Xu Daquan stated: “Clever electrical car improvement has entered a crucial interval with platform-level know-how steering and innovation on monitor to grow to be a brand new focus for improvement. One of many key objects to return out because of these technological advances is the built-in car board that may meet each {hardware} and software program calls for for modularization and intelligence, a function that may drastically scale back manufacturing price and R&D time. U Energy is a companion with the precise R&D and manufacturing strengths to supply such a element. We’re wanting ahead to working with U Energy on furthering built-in chassis know-how and supporting the event of China’s clever EV trade.”

Because the lead investor in U Energy’s Pre-A+ funding spherical, Boyuan Capital managing companion and CEO Zhu Lin stated the worth of conventional automotive provide chains has been modified with the arrival of clever automotive manufacturing. Whereas many new gamers have entered the sector, U Energy has the precise know-how in place and due to this fact seems to be among the many most promising. U Energy’s proprietary UP Tremendous Board is a breakthrough product that may drastically empower automotive manufacturing because the sector enters a brand new stage, drastically shorten the time wanted for R&D, and meet the speedy launch and diversified market wants of clever EVs in several situations. With its a few years in its function as a Tier 1 auto provider and a whole car producer now deeply ingrained in its DNA, the U Energy group will carry to the desk a complete new method to clever car R&D and a extremely imaginative enterprise mannequin for the automotive enterprise chain, alongside its market-leading chassis merchandise, to additional scale back prices and enhance effectivity. The 2 firms, because of the collaboration, could have an enormous head begin because the period of clever electrical car unfolds.

U Energy, with its huge expertise in manufacturing autos underneath a number of real-life situations, will reinvent the whole car improvement course of by shifting to a modularization method whereby the chassis is split from the physique. By redefining the elemental method, technical norms and provide chain, U Energy’s proprietary UP Tremendous Board will be custom-made to satisfy totally different {hardware} requirements and software program platforms, rising R&D and manufacturing productiveness. The existence of the UP Tremendous Board is predicted to shorten R&D time to 1 12 months and scale back manufacturing prices by as much as 60%.

Right now, China’s clever EV trade is uncovered to more and more fierce competitors between conventional car makers, new automotive producers and know-how firms. Advances in car modularization and intelligence have made potential the body-chassis-separated manufacturing mannequin. Some worldwide start-ups are already working on this space in collaboration with main automakers. In China, the idea of the “tremendous board” stays contemporary. It’s an open secret within the trade that greater than 50% of the invoice of supplies (BOM) price of clever EVs is concentrated within the energy chassis, opening the door to  the creation of a brand new “species” just like the tremendous board. U Energy founder Li Peng stated there are lots of firms from various backgrounds which are wanting to enter the mobility area, however what holds them again are the excessive limitations. U Energy seems ahead to seeing the UP Tremendous Board know-how create a degree taking part in discipline for all people who search to enter.

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SOURCE U Energy

The above press launch was supplied courtesy of PRNewswire. The views, opinions and statements within the press launch usually are not endorsed by Grey Media Group nor do they essentially state or mirror these of Grey Media Group, Inc.

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