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.

 

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.