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China's EV startup Byton raises huge investment from Japan's conglomerate Marubeni

Marubeni seeks to utilise Byton's battery technology to store renewable energy.


China's EV startup Byton raises huge investment from Japan's conglomerate Marubeni | BEAMSTART News

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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.

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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.

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