(Yicai Global) Dec. 30 -- Sany Heavy Truck, the heavy-duty truck making unit of Chinese machinery giant Sany Heavy Industry, has secured CNY1 billion (USD144 million) in its latest fundraising round led by Hidden Hill Capital, the private equity arm of Singaporean logistics giant GLP, and two other investment firms.

China Merchants Capital and CMG-SDIC Capital Management were other lead investors in the A-round, the firm said on its WeChat account today. Other participants included Shanghai Rosefinch Asset Management.

The funds will be used to develop more new energy vehicles, said the Changsha, central Hunan province-based company, which has already introduced fossil fuel-powered, lithium-ion and hydrogen-fueled heavy trucks into its line up since the firm was set up in 2017.

The new investors have a strong industrial background in logistics and ports, said Chairman Liang Linhe. Sany Heavy Truck will strengthen cooperation with the new shareholders to boost innovation in new energy and intelligent fields.

China’s zero emission heavy-truck market is expected to see explosive growth as the country prepares to meet its carbon peaking and neutrality targets in 2030 and 2060, Sany Heavy Truck said. Sales quadrupled last year from the previous year to more than 10,000 units and sales are expected to more than double this year to 22,000 autos.

Editor: Kim Taylor