China’s TRUCK RENTAL bags nearly 100 million yuan in Series B funding

Shanghai (Gasgoo)-TRUCK RENTAL, a Chinese logistics vehicle asset operation service provider, recently closed its Series B financing round with nearly 100 million yuan ($14.962 million) raised, a local media outlet reported today.

The proceeds will be mainly used to ramp up production capacity, improve technology R&D, and expand the company’s marketing team.

The completion of the fresh funding round signifies a milestone in the company's development of battery swapping business.

Incorporated in Xiamen city in 2014, TRUCK RENTAL has abundant experience in operating a closed-loop ecosystem that integrates rental service, finance, sales, maintenance, and online management of logistics vehicles. It has a fleet of 5,000 vehicles under its operation and management, according to the local report.

Prior to the B round, the company had already completed three financing rounds, namely, the Pre-A round, the A round, and the A+ round, according to the information gathered by the corporate data platform Tianyancha.

TRUCK RENTAL started deploying battery swapping business as early as 2020 and successfully developed the logistics vehicle equipped with swappable standard modular battery pack in the second half of 2021.

Battery pack production lines at Quan Cheng Dian's Xuzhou factory; photo credit; TRUCK RENTAL

The company is promoting the building of battery production capacity. On June 1, 2022, Quan Cheng Dian, a subsidiary of TRUCK RENTAL, officially started production and operation at its Xuzhou factory, which focuses on the R&D of battery swappable vehicle models, and the production of such products as standard modular lithium-ion battery packs and battery swap cabinets.

In addition, TRUCK RENTAL has developed the battery swapping station that only takes up 1.2 square meters. The compact stations can be widely deployed in logistics parks, parcel delivery service outlets, gas refueling stations, and charging stations.