Shanghai-based Boonray Technology, a provider of electric autonomous mining truck solutions, announced on Thursday that it has secured a strategic investment of RMB 100 million (US$14.4 million) from BYD $1211 (-1,03%) has secured.
The investment is a sign that BYD, the global leader in new energy vehicle (NEV) and battery technology, recognizes Boonray's technological capabilities and business model in mining truck electrification and smart solutions, the company said.
The investment will primarily be used to strengthen research and development efforts, accelerate expansion in the domestic and international markets and deepen industrial cooperation, Boonray said.
The two parties are expected to engage in in-depth cooperation in areas such as technology research and development, supply chain optimization and product research for specific scenarios to promote the application of new energy and intelligent technologies in heavy industry, it added.
Boonray's technological systems in the field of unmanned mining and green energy supply are impressive as their solutions address the operational challenges in traditional mining, said Li Qian, BYD's board secretary and chief investment officer.
BYD will work with Boonray to provide more competitive Chinese solutions for the green transformation of global mining and heavy industry, Li said.
Boonray was founded in 2015 and focuses on the research and development of autonomous driving technology for the mining industry.
According to Boonray, the company's solutions enable Level 4 autonomous operation for mining trucks, with vehicles supporting unmanned battery swapping.
According to the company, it completed over 30 mining projects with different types of soil and complex operating conditions earlier this month.
The investment comes at a time when China's heavy-duty truck industry is undergoing rapid electrification.
In December, domestic sales of new energy heavy-duty trucks reached 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 means that the market penetration of new energy heavy-duty trucks in China has exceeded 50% for the first time, although this may be short-lived due to the expiry of economic stimulus measures that have led to demand being brought forward.