Byton, China's premium SUV maker secured several million dollar funding from Tokyo's Marubeni Corporation in its Series C round.
Marubeni's investment decision is driven by its plan to use Byton's battery technology to create storage systems for renewable energy.
Masumi Kakinoki, President and CEO, Member of the Board at Marubeni with offices all over the globe.
The partnership will also trigger as cooperation to provide ride-hailing services between the two companies.
Currently, Byton's entry-level electric SUV can travel over 224 miles on a 72kWh battery with a single 270 horsepower electric motor — putting it in close competition with Tesla.
BEAMSTART is a Hub for Startup News, Business Networking, and Entrepreneurial Resources. Expand your network, discover new possibilities, and tap into a vast database of resources that can help you go further in your business and career.
The app for business networking and startup resources. Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:
