A closed site with verifiable metering
Loading points, routes, trips and tonnage all sit inside a closed mining site. Revenue is recognised on monthly signed reconciliation sheets, not on forecasts.
INVESTOR RELATIONS
A Replicable Transport Unit: From Regional Proof to Scale
This round is staged equity funding: validate unit economics and collection quality in one closed mining site first, then scale against acceptance milestones. No downloads are offered here — full materials are provided after review, under confidentiality.
Investment thesis
Four propositions that can be directly verified — or falsified — all resting on signed facts and auditable definitions.
A real cost advantage in heavy-duty cycles — and a reason for the client to switch
Methanol heavy trucks cost roughly 32%–52% less to fuel than diesel (public industry data). On fixed routes, heavy loads, low temperatures and fast refuelling, the client's cost improvement has an explainable source.
Two revenue layers: freight cash flow plus fuel consumption
Freight is the profit engine; methanol supply builds client stickiness. Both sit in the same site and the same performance record.
The validation unit is replicable
The same contract framework, fleet configuration and skid-station design carry over to the next region. That is exactly what this round buys: repeatable evidence.
Evidence wall
Every item below can be inspected against the original documents, with its status stated plainly. The haulage document is a framework LOI with the formal contract under negotiation; the authorisation letter's formal agency contract is in progress.
| # | Evidence | What it says | Status |
|---|---|---|---|
| 1 | Vehicle purchase contract | 10 methanol range-extended mining trucks, RMB 6.9 million total, deposit paid, delivery within 45 days of receipt of payment. | Signed |
| 2 | Haulage service LOI | Ore haulage inside the Liuheng Island mining site, 5-year framework; the formal contract is to be signed within 35 days of the vehicles entering service. | Framework document · formal contract in progress |
| 3 | Skid refuelling station contract | 15m³ tank with dual pumps and dual nozzles; includes acceptance, lightning-protection testing and filing support. | Signed |
| 4 | Emergency management bureau letter | A company self-use refuelling point requires no hazardous chemicals operating permit; the site is confirmed by the local authority. | Written reply |
| 5 | Regional agency authorisation | Authorisation for vehicle sales, finance packages, methanol supply and after-sales coordination in the Zhoushan region. | Authorisation letter · formal agency contract in progress |
| 6 | Methanol supply contract | A methanol supply agreement that ties fuel offtake to the agency authorisation. | Signed |
| 7 | Government process | Registration path for methanol vehicles confirmed; demonstration project application of intent. | In progress |
| 8 | Government steps completed | Precedent for methanol vehicle plates and the registration path confirmed. | Confirmed |
Committed so far: vehicle and skid-station deposits are paid, with the vehicle balance due before delivery — this round continues a programme of spending that has already started, not a plan beginning at zero. Contingent item: a subsidy of up to RMB 950,000 is contingent and is excluded from the base case.
Validation-unit economics
One methanol mining truck in the validation region, stated on a monthly basis.
Freight revenue¥85,612Contract rate × trips × tonnage, signed off in monthly reconciliation
Direct costs≈ -¥34,000Driver / fuel / maintenance / insurance
Cash margin≈ ¥51,600 / truck / monthRevenue minus direct costs, before overhead and funding costs
Truck payback11–14 monthsBased on vehicle purchase price and monthly cash margin
Full-load assumption · to be refined with pilot data · not a return promise.
The capital path: four steps
Each layer of financing is built on verifiable business evidence from the previous one.
- 01
Equity validation
Equity funds single-region validation and organisational build-out, with clear governance and paid-in capital.
- 02
Receivable credit lines
Real transactions and verifiable records unlock working-capital credit on fair terms.
- 03
Project asset financing
Financing structures evaluated item by item around vehicles, equipment and project cash flows.
- 04
Capitalisation of mature assets
On mature assets with sufficient evidence, explore strategic partnerships and capital-market arrangements.
Each step depends on business evidence and compliance conditions; nothing here is a return promise or an offering.
Funding structure: staged equity
This is stage-one staged equity funding. There is no fund pool, and no fixed-return or minimum-return commitment.
Total sizeRMB 25 million
First trancheRMB 15 million (drawn in batches)
Second trancheRMB 10 million (tied to replication milestones, to be agreed)
Use of the first tranche
| Use | Amount (RMB m) | Milestone |
|---|---|---|
| Vehicle balance (delivery of 10 trucks) | 6.70 | Registration and plates |
| Working-capital buffer (≈2 months of ramp-up) | 1.50 | First full collection month |
| Safety, design and acceptance ("three-simultaneous" review) | 0.30 | Compliance acceptance completed |
| Insurance, first methanol tank and spare parts | 0.80 | Operations start |
| Second skid station and siting study | 0.50 | Replication preparation |
| Ledger system, governance and audit | 0.40 | Monthly reporting system |
| Team and market (drivers / management / channels) | 0.80 | Key roles in place |
A further RMB 4 million is held as a risk reserve, not to be used without board approval; first-tranche uses total RMB 15 million.
How the money is drawn
First batch: RMB 7.5 millionFormal haulage contract signed + delivery list verified
Second batch: RMB 7.5 millionFirst full collection month bank statement + compliance acceptance documents
Every payment follows a fact that has already been verified. First-batch exposure is only RMB 7.5 million, all of it matched to verifiable contracts and assets.
Governance and fund supervision
Investor rights are written into a checklist, not left to verbal assurances.
- Escrow (jointly controlled) account: funding enters a jointly controlled account and is released only after each batch's conditions are verified.
- Monthly operating report: 10 fixed metrics — trucks in service, volumes, collections, unit costs, cash balance and others — submitted by the 10th of each month.
- Independent audit: quarterly statements and annual audits performed by an accounting firm acceptable to investors.
- Veto list for major matters: new debt, external guarantees, related-party transactions, single payments above RMB 1 million, and asset disposals.
- Open due-diligence window: original contracts, bank statements and ledger-system data made fully available.
- Board seats: one seat plus one observer for the first investor.
Risks and responses
We put the unfavourable items in the first document. What evaluators care about is not whether risks exist, but whether the founders weigh them honestly.
| Risk | Current position | Response |
|---|---|---|
| Client concentration (single region, single client) | LOI executed; formal contract under negotiation | Volume, pricing and exclusivity set in the formal contract, with client credit checked. |
| Full-load assumption | Trips taken at the contract ceiling | Refine the model with pilot data; cash flow stays positive under the conservative case. |
| Methanol price volatility | Fuel is a small share of per-truck direct costs | A pricing mechanism in the supply contract, with sensitivity monitored. |
| Safety and compliance | Hazardous chemicals on site | Operations start only after compliance steps are complete; a dedicated safety officer; full insurance; self-use only, not sold to third parties. |
| Subsidy uncertainty | Contingent item | Excluded from base-case cash flow; catalogue eligibility verified first. |
| Alternative powertrains | Battery-electric and hydrogen each lead in some scenarios | Full-cost comparison on the same route; the authorisation covers multiple powertrains. |
This risk list reflects the current assessment and is updated as the business progresses; it is not a return promise.
Organisation and key roles
A detailed organisation and staffing plan is provided during due diligence.
Key roles are filled as funding and operations progress; no names or biographies are listed on this page.
Key roles
General Manager
Overall operations, clients and major partnership decisions.
Head of Technology
Vehicle matching, station and operational technical solutions.
Head of Supply Chain
Procurement, warehousing and distribution, methanol supply performance.
Head of Sales
Fleet client development, contracts and collections.
Head of Finance
Funding, credit and internal controls.
Head of Safety
Safety management systems, compliance and emergency response.
External industry resources: regional authorisation from a vehicle manufacturer and support from a refuelling equipment supplier, used within the scope of the authorisation letter and contracts.
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