(Yicai) Jan. 29 -- China’s Chunqing Technology has reached a pre-money valuation of USD1 billion.

The Hangzhou-based company disclosed its valuation on its official WeChat account today after saying it secured USD100 million in its first financing round from multiple strategic investors and well-known investment institutions.

The proceeds of the fundraiser will be mainly used to ongoing research and development and the development of a green methanol transport ecosystem, the firm noted.

Chunqing Technology uses alcohol hydrogen electric technology to develop and use new technologies in green methanol production. It is owned by Farizon New Energy Commercial Vehicle Group, a subsidiary of Geely.

Editor: Futura Costaglione