Byton and Marubeni Join Forces, Partners in Series C Financing

The two companies will also discover prospects for further cooperation in a range of fields such as e-mobility services, energy solutions, and overseas production and distribution

January 06, 2020. By News Bureau

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BYTON and Marubeni Corporation have announced a strategic conglomerate. Marubeni will become a partner in BYTON’s Series C financing. The two companies will also discover prospects for further cooperation in a range of fields such as e-mobility services, energy solutions and overseas production and distribution.

Dr. Daniel Kirchert, CEO of BYTON, said that “based on our shared vision for smart cars and future mobility, we are pleased to have reached a strategic partnership with the Marubeni Corporation. As a world-leading conglomerate, Marubeni has significant experience and resources in a variety of fields such as renewable energy and automobile sales. We will jointly explore the international market and provide users with future-oriented smart electric vehicles and mobility services.”

The firms’ Series C financing has now arrived the final stage, with investors comprising the FAW Group and the Nanjing Municipal Government’s industrial investment fund. BYTON has concurrently been actively sourcing overseas capital. This cooperation with Marubeni is the second time BYTON has brought in an overseas strategic investor, after signing an agreement in September 2019 with South Korean auto parts maker Myoung Shin Co.

Kazuhiro Kondo, General Manager, Automotive Department, Marubeni Corporation said that “under the current enormous change of automotive industry, this investment and partnership with BYTON is an essential part of our strategies in the automotive business. We are very excited at creating a new mobility world with BYTON’s state-of-the-art technologies.”

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