ESG accelerator and active impact investor TrueGreen Impact Group has secured $110m in new funding for its transport and technology group, Nexport Mobility Group.
July 28, 2021. By News Bureau
ESG accelerator and active impact investor TrueGreen Impact Group (TrueGreen), has secured $110m in new funding for its transport and technology group, Nexport Mobility Group (Nexport).
Tor Investment Management, a private alternative asset manager focused on Asia-Pacific markets with over US$2Bn in assets under management has provided the new funding line. Burnvoir Corporate Finance Limited was the financial advisor to the raise.
The funds will be used as growth capital for the Nexport Group who are currently leading the clean mobility-tech evolution across Australia. This includes boosted funding to support the NSW government with their transition to an electric bus fleet and to introduce a wide range of mobility product offerings to the corporate and consumer markets.
The funding injection also supports the renaissance of clean-tech manufacturing in Australia with Nexport to establish a large-scale production facility at a 94-hectare eco-hub in the Southern Highlands region of Moss Vale, which is being developed by the TrueGreen Group. The locally produced electric vehicles (EV) will be developed in conjunction with specialised EV automotive group BYD Auto Co., Ltd., of which Warren Buffett's Berkshire Hathaway owns 8.2%.
The funding significantly bolsters the group's balance sheet and provides a clear runway to a potential IPO in early 2022. It marks TrueGreen's push to bring manufacturing back to Australia and Southern Highlands region. It also highlights the ongoing demand from government organisations and other large corporate groups for sustainable alternatives, as Australia urges closer to net zero emissions.
Nexport received considerable demand from a range of international investment groups, which well exceeded the $110m need.
This funding follows the completion of a successful capital raise in May 2021, when Nexport secured $20m from the St Baker Energy Innovation Fund.
Executive Director of Mobility, Luke Todd said: "To have secured this funding is a major coup for Nexport. It exceeded the total amount we were initially seeking and comes from a major international fund, highlighting the broad reach and potential applicability of our vehicles
TrueGreen is assessing a number of other avenues to fund and further scale up its broader operations. The group is currently seeking funding for other verticals and pleasingly, is experiencing a similar level of interest. The group continues to generate very strong interest across its portfolio and a number of developments are expected to materialise in the coming months.
We have about six production lines that can handle cells of any form