- Boonray secured a strategic investment of RMB 100 million ($14.4 million) from BYD.
- BYD and Boonray will jointly advance the application of new energy and intelligent technologies in heavy industries.
Shanghai-based Boonray Technology, a provider of electric autonomous mining truck solutions, announced Thursday it has secured a strategic investment of RMB 100 million ($14.4 million) from BYD.
The investment signifies global new energy vehicle (NEV) and battery technology leader BYD's recognition of Boonray's technological capabilities and business model in mining truck electrification and intelligent solutions, the company said.
The investment will primarily be used to strengthen R&D efforts, accelerate domestic and international market expansion, and deepen industrial cooperation, Boonray said.
The two parties are expected to engage in deep collaboration in areas including technology R&D, supply chain optimization, and product exploration for specific scenarios, driving the application of new energy and intelligent technologies in heavy-duty industries, it said.
Boonray's technological systems in unmanned mining and green energy supply are impressive, with its solutions addressing operational challenges in traditional mining operations, said Li Qian, BYD's board secretary and chief investment officer.
BYD will partner with Boonray to deliver more competitive Chinese solutions for the green transformation of global mining and heavy industries, Li said.
Founded in 2015, Boonray focuses on autonomous driving technology R&D for the mining sector.
The company's solutions enable Level 4 autonomous operation for mining trucks, with vehicles supporting unmanned battery swapping, according to Boonray.
It has completed over 30 mining projects across diverse ore types and complex operating conditions, the company said earlier this month.
The investment comes as China's heavy-duty truck sector undergoes rapid electrification.
In December, domestic sales of new energy heavy-duty trucks hit a record 45,300 units, accounting for 53.89% of total heavy-duty truck sales of 84,000 units, according to data from CV World, a website specializing in the commercial vehicle market.
This marks the first time China's new energy heavy-duty truck penetration rate has exceeded 50%, though it may be short-lived due to expiring stimulus policies causing demand to be brought forward.
($1 = RMB 6.9465)
