Ikea-backed Chinese NEV rental operator DST raises US$80 million in boost for expansion plan
- Shenzhen-based DST Electrical Vehicle Rental says it will use the proceeds to improve its digital fleet management capabilities and expand its fleet
- DST currently has about 100,000 NEV lorries and serves more than 5,000 clients and 400,000 drivers
DST Electrical Vehicle Rental, a Chinese new-energy vehicle (NEV) fleet operator, has secured US$80 million in funding from a new investor, giving a boost to the company’s expansion plans.
The investment has been made by Decarbonization Partners, according to people familiar with the matter. Decarbonisation Partners is a joint venture between Singapore’s state-owned investor Temasek Holdings and BlackRock, the world’s largest asset manager.
The Shenzhen-based NEV rental firm said in a statement that it will use the proceeds to improve its digital fleet management capabilities and expand its fleet. The funding will also be used for further investments in research and development, specifically in real-time computational analytics, DST said.
“As a firm believer and practitioner of carbon neutrality, we share the mutual goal of reducing carbon emissions with our new investor,” founder and chairwoman Haiying Zhang said in a statement. “[DST’s] solutions, digital intelligence and commitment to environmental responsibility not only set us apart but also drive our entire industry forward.”
03:06
China’s public transport goes green as electric buses hit the streets
Investors in its previous funding rounds include Ingka Group, the owner of Swedish furniture retailer Ikea, and Singapore urban transport operator SMRT Corp, among others.