(Yicai Global) June 4 -- Chinese startup Bordrin New Energy Vehicle secured an investment of CNY2.5 billion (USD362.1 million) on May 30 from a group including CGP Investment and Yinan Equity Investment Management, a unit of Sinochem International.

The funds will be mainly used for product development and marketing, the Nanjing-based firm said in a statement.

The deal marks the second time that that Yinan has invested in Bordrin. Sinochem penned an agreement with Bordrin and its battery subsidiary in August 2018 to work together on ternary lithium battery products, NEVs and charging services.

Set up in 2016, the company agreed to form a joint venture with FAW Xiali Automobile in April and has obtained a NEV production license. Bordrin aims to start deliveries of its first model early next year.