Chinese electric truck maker Windrose Technology Inc. has started preparatory work for an initial public offering in the US next year as it plans the commercial roll out of its first vehicle.
The company is selecting investment banks and aims to raise at least $200 million, founder and Chief Executive Officer Wen Han told Bloomberg News. Proceeds will go toward research, development and production of Windrose’s zero-emission trucks, which are equipped with autonomous driving technology.
Windrose is raising $100 million in a pre-IPO round, Han said, and already has backing from FountainVest Partners Co., Yunqi Partners and GSR Ventures Management Co., among others.
The company plans to start delivering its trucks, which it sees as an eventual rival to Tesla Inc.’s Semi, to customers in 2024. It already has 1,000 orders in the US and 500 in China, according to Han.
Windrose is also developing a hydrogen fuel cell truck based on a shared platform with its EV.
Its ambitions contrast with European startup Volta Trucks AB, which is filing for bankruptcy after a breakdown in its supply chain derailed production.
Han, previously chief strategy and financial officer at US autonomous trucking company Plus, founded Windrose in 2022. The company says its trucks can drive 600 kilometers (370 miles) carrying a full payload, with batteries that can charge to 65% in 35 minutes.
Windrose is testing its vehicles in China and Hong Kong with companies including sports product retailer Decathlon SA, property firm Goodman Group and Kerry Logistics Network Ltd.
–By Danny Lee (Bloomberg)
