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CIO Jaime Chou interview with Futu I&E
``專訪吉安資本首席投資官周運成：新能源轉型加速，車企挖掘出海新機遇-富途安逸``
Hong Kong, 26 January 2024 – In a recent interview with Futu I&E Talk, our CIO, Jaime Chou, shared his insights on the competitive landscape of new energy vehicles and the recent development of the EV ecosystem including the advancement of intelligent driving.
“If we consider electrification as the first half of the century-long transformation of the automotive industry, then smart vehicles represent the second half, with intelligent driving being a crucial component. Autonomous driving is a holistic system that consists of perception, decision-making, and control layers, which translate to the human eyes, hands, feet and brain respectively. Therefore, developing a comprehensive, holistic driving system should be the ultimate direction […]”
Achieving a full-scall automation requires gradual implementation of technology, policies, and cross-industries collaboration. As Jaime noted in the interview, many leading players in the autonomous driving space have now come to realize the importance of a stepwise approach from L2 to L3 and gradually forwards vs a quantum leap approach to L4. Two of our portfolio companies, ECARX and Polestar, announced collaboration to jointly develop a L3 autonomous driving system. At the same time, with the successful implementation of L3 road testing and its gradual maturation, it is believed that the industry is getting closer to the commercialization of advanced intelligent driving solutions.
Read more: Original Interview (Chinese)
GLy Capital Investor Trip 2023: Hangzhou Bay
Hangzhou, 3-4 August 2023 – Wrapping this week, we had the pleasure of hosting our investors to visit Geely and Geely Research Institute (GRI) headquarter in Hangzhou Bay. As a vital ecosystem partner of GLy, Geely provides us critical resources and support, as well as value creation opportunities for our portfolio companies.
Highlights of the trip also featured GRI’s testing center and pilot plant, Zeekr’s intelligent Factory and our visits to ECARX, Freetech, and Farizon’s R&D Center where we had the honor to hear from the teams their valuable insights in mobility solutions and technologies.
We extend our appreciation to Geely, all our partners, and our guests for making this trip a memorable and insightful experience. We look forward to further collaboration and growth. Stay tuned for more exciting updates!
Senior partner, Li li, invited as a panellist in the 2023 China Automotive Forum
Shanghai, 7 July 2023 – GLy’s senior partner, Li li, was invited as a panellist to the “Exporting New Energy Vehicles (NEVs) and Charging Infrastructure to Overseas Markets” discussion during the 2023 China Auto Forum held in Shanghai from July 5 to July 7.
The panel discussion centered on the opportunities and challenges of exporting new energy vehicles and the industry chain to overseas markets. It was evident from the discussion that the global consensus on low-carbon sustainable development presents a significant opportunity for NEVs, with numerous countries and regions committing to carbon neutrality goals.
Throughout the discussion, the emphasis was placed on the importance of strategic planning, product quality, and understanding the needs and preferences of overseas markets as Chinese companies seek to expand their presence in the global NEV industry.
As Li shared in the discussion: “When it comes to establishing service systems, I believe that the requirements for home charging facilities and public charging facilities are different. For developed countries like the United States and Europe, establishing extensive service systems is more challenging. For example, in China, our operations are highly efficient, but it might not be easy to achieve the same level of efficiency in other regions due to varying labor conditions. Is it possible for multiple enterprises facing the same challenges to form alliances and jointly create a service platform or collaborate with local companies? In the US, for instance, each state has different labor conditions, and they may require their own workers with specific work hours and physical demands. Could you unite with local companies or form alliances with other Chinese companies to create a platform? This could be a way out.”
The panellists stressed the importance of localized strategies in addressing the unique characteristics, user preferences, and regulations of each foreign market. Forming global alliances emerged as effective approaches to overcome challenges in establishing service systems and creating cost-effective solutions.
As the world progresses towards sustainable transportation, it is crucial to stay alert to changes in the global market and continuously innovate to meet the unique demands of each region and consumer segment.
Celebrating the success in our portfolio: Ascend Elements securing a multi-year contract worth up to US$5 billion
US, 7 June 2023 – We are excited to celebrate the success in our portfolio and to share the recent news of Ascend Elements. The company has secured a multi-year contract worth up to $5 billion to supply sustainable precursor cathode active material (pCAM) for a major U.S. battery manufacturer, marking a significant shift in worldwide battery material supply chains. Ascend Elements’s continued commitment to building one of North America’s first commercial-scale NMC pCAM manufacturing facilities in Kentucky showcases their dedication to manufacturing critical battery materials domestically, reducing carbon emissions, and ensuring energy independence.
Investing in Ascend Elements offers several merits in the industry. The company’s innovative approach addresses the increasing demand for battery recycling, contributing to the shift towards electric vehicles and environmental sustainability. Ascend Elements’ well-funded status and partnerships with industry leaders such as SK Battery America, Jaguar Land Rover, and Honda position it as one of the most promising battery recycling startups in the US, well-equipped to tackle the emerging challenges in the domestic supply chain. Furthermore, its diversified product offering provides flexibility in capturing market opportunities as the value chain and recycling ecosystem evolve.
Ascend Elements’ successful fundraising efforts indicate the confidence in their innovative solutions and long-term market viability, and the team has continued to solidify their position as a frontrunner in sustainable battery material production.
We are proud to be a part of Ascend Elements’ journey and look forward to witnessing their continued success as they contribute to the advancement of the battery industry and the overall energy transition.
Volocopter Funding Hits $600 Million With Saudi, Geely Stakes
Hong Kong, 1 November 2022 – Flying-taxi pioneer Volocopter GmbH’s launch funding reached $600 million after it raised cash from Saudi Arabian and Chinese investors in a fifth financing round ahead of the planned start of commercial flights in 2024.
Volocopter tapped a total of $182 million from Neom, which is building a futuristic city on the Red Sea in the far northwest of Saudi Arabia, and Hong Kong-based GLy New Mobility Fund, backed by Chinese carmaker Zhejiang Geely Holding Group Co., the German firm said in a statement Tuesday.
Geely’s Farizon Auto Secures Over $300m through Pre-A Series Funding
2022 October 26th, Hangzhou, China. Farizon Auto, the new energy commercial vehicle brand from Zhejiang Geely New Energy Commercial Vehicle Group (a subsidiary of Geely Holding) today announced that it has raised over $300 million USD in its first round of external fund raising.
This Pre-A round of investment was led by Hidden Hill Capital, which is backed by Singapore’s GLP. Other key investors include strategic investors and renowned investment institutions, such as Transfar, Citic Securities Investment, Industry Foundation of Xiangtan (Hunan, China), GLy Capital and Mirae Asset.
ESG大行其道 吉安周運成：新出行生態具機遇
Hong Kong, 1 October 2022 – 全球氣候變化與環保意識提升，低碳和可持續發展亦搬上投資枱面，並漸成新興主流之一。配合科技發展，電動車大行其道，投資紛紛進駐相關市場以捕捉增長機會，帶動自動化駕駛、車用晶片開發等周邊行業發展。但面對各國先後修訂晶片技術支援政策，以及俄烏戰爭為全球帶來的原材料與能源短缺，投資者似乎面臨不少風險。
吉安資本管理首席投資官周運成接受本刊訪問時表示：「以往市場可能對新出行缺乏認知，但在過去幾年中，市場有更多的人認識到並漸入主流。」在母公司、中國最大的汽車製造商浙江吉利（00175）的支持下，吉安資本管理於2021年推出吉安新出行基金，投資圍繞新出行的生態系統相關行業，以把握市場趨勢。
GLy New Mobility Fund invests into Ascend Elements, battery recycling and engineered materials company
Hong Kong, 23 September 2022 – GLy New Mobility Fund participated in the Series C round of Ascend Elements, a U.S. based battery recycling and engineered materials company. With over 10 years of research effort, Ascend Elements has developed a “Hydro-to-Cathode” direct precursor synthesis process which efficiently turns end-of-life lithium-ion batteries back into the cathode active material, which is the single most valuable part of a lithium-ion cell. By forming closed loops with battery manufacturers and automotive OEMs, Ascend Elements contributes to a sustainable and clean circular battery economy.
“We are pleased to have GLy Capital as an investor in Ascend Elements. The organization’s leaders understand the urgent need to produce sustainable, lithium-ion battery materials in local markets around the world,” said Michael O’Kronley, CEO at Ascend Elements. “It’s not enough to simply recycle lithium-ion batteries and recover metals for the global commodity markets. Instead, we are producing sustainable, high-performance cathode active materials for top EV battery manufacturers.”
Geely-backed GLy Capital gears for second mobility fund launch in 1Q23 – co-founders
Hong Kong, 5 September 2022 – GLy Capital Management, a Hong Kong-based mobility-focused investment rm that announced a nal close on itsdebut private equity fund in July, aims to launch a successor vehicle in the rst quarter of 2023, said founders andco-CEOs Anny Lin and Hrvoje Krkalo. The investment manager, which is majority owned by Chinese car maker Zhejiang Geely Holding Group, is lookingto raise USD 300m-USD 500m for Fund II, they said. It has already initiated talks with existing limited partners(LPs) ahead of a planned soft launch in the fourth quarter of this year. The goal is to reach a rst close in the rstquarter of 2023.
GLy Capital Management Raises US$163 Million for
The GLy New Mobility Fund
Hong Kong, 10 August 2022 – GLy Capital Management (“GLy”), a Hong Kong-based leading investment manager in the mobility sector, today announced the final close of its first private equity fund, the New Mobility Fund (the “Fund”), with a total of US$163 million in capital commitments.
The New Mobility Fund was launched in early 2021 to invest in disruptive companies which help drive a cleaner, safer and more connected mobility future. Leveraging GLy’s privileged industry access, insight and extensive network, the Fund focuses on smart cars, electrification, intelligent cities and materials.
Hong Kong's Gly Capital closes debut mobility fund
Hong Kong, 10 August 2022 –
Gly Capital Management, which is majorly owned by a Chinese automaker, tapped external investors for the first time in raising USD 163m for global investments in smart cities and smart cars
Gly was established in 2017, but it wasn’t until 2021 that the firm decided to tap external sources of funding. The New Mobility Fund was launched early in the year, with anchor LP commitments from Geely and Korean conglomerate SK Group. Each agreed to contribute 18% of the overall corpus. There were two incremental closes in 2021 and a third in March.
“We just wanted to make sure that we have the right structure, governance, licenses, and people. In addition, it also took us quite some time to cultivate the relationships with our anchor investors,” said Hrvoje Krkalo, co-CEO of Gly. “In fact, our portfolio companies [backed after the first close] helped with the second, third and final closing.”
“We seek to invest in assets that are redefining the global transportation industry. With our solid shareholder support, we combine deep industry know-how and unique ecosystem insight to identify the investment opportunities that underpin profitability and the best-in-class investable assets,” said Anny Lin (pictured, right), who shares the CEO role with Krkalo.
GLy New Mobility Fund Participates in US$200 Million Series D Round of Nexeon, a Global Leader in next generation silicon-based anode materials
Hong Kong 04 August 2022, GLy Capital Management on behalf of the GLy New Mobility Fund participated in Nexeon’s $200 million Series D round.
Nexeon is an international developer and manufacturer of breakthrough silicon-based anode materials for rechargeable Lithium-ion batteries. Nexeon’s technology results in lighter batteries with more power and longer lifetime between charges. The round was led by the SK Chemicals and SJL Partners and included GLY Capital Management, Ingevity, and others.
GLy New Mobility Fund joins online automotive marketplace Carwow’s Series D round
GLy New Mobility Fund has taken a minority stake in carwow, a leading one-stop online marketplace for buying, selling, financing, leasing or subscribing a car. The platform enables people to compare cars and get recommendations and connects them with a high-quality dealer. carwow’s efficient and competitive reverse auction model increases sales for the dealers, aswell as provide car buyers with a simplified, transparent and stress-free car buying experience.
GLy New Mobility Fund Invests in Israeli Unicorn Vayyar
Leveraging disruptors in new mobility
Source: Alter Domus: Sensus Magazine Issue #8
This edition of Sensus explores how sustainable and future-proof strategies once deemed visionary are now widespread among alternative asset classes. Through expert commentary, areas such as ESG, green finance, renewable energy and new mobility opportunities are examined.
EVs are just ‘tip of the iceberg’ : PE manager GLy on new mobility theme
Source: Asian Private Banker
Asian Private Banker recently interviewed Hrvoje Krkalo, Founder and co-CEO of GLy, about the firm’s newly-launched New Mobility Fund, which looks beyond electric vehicle makers. Read more
GLy Capital Management invests US$130 million in Polestar’s first external fundraising
唔止電動車咁簡單! 專家教路投資移動出行概念
Source: Hong Kong Economic Times
Not only EVs! Lesson from an expert on investing in the mobility theme
GLy New Mobility Fund participates in US$125 million Series D round of Freewire, a leader in ultrafast EV charging and energy management solutions
Freewire, the US-based battery-integrated EV charging solution provider announced that it has raised US$125 million in a Series D funding round. Investors of the round include BlackRock Financial Management, Inc., bp ventures, Riverstone Holdings, Daishin Private Equity amongst others. GLy New Mobility Fund joined the round to support Freewire’s drive to accelerate EV adoption and provide ultrafast charging solutions to customers across various markets.
Geely, SK- backed GLy to raise $300m fund as covid turbocharges future of new mobility
Source: DealStreetAsia
DealStreetAsia recently interviewed Hrvoje (Harry) Krkalo, Founder and co-CEO of GLy, about the firm’s newly-launched New Mobility Fund and his plan of capital deployment.
Mobility: Gravitational Shift
Source: AVCJ
AVCJ explores financial opportunities for investors as the mobility sector embraces more innovation. Hrvoje Krkalo, Founder and Co-CEO of GLy Capital Management, spoke to AVCJ to share his insights around the topic.
The technology transformation of transportation
Source: The Asset
Since the emergence of the Covid-19 pandemic more than a year ago, there has been heightened awareness of the impact we as humans have had on the environment particularly when it comes to carbon emissions.
