Unity Ventures angel-round portfolio company Scage goes public, targeting first U.S.-listed new-energy intelligent commercial vehicle stock
Congratulations to Scage on embarking on a new thousand-mile journey.
On June 30 Beijing time, Skywell Intelligent Electric Vehicle (SCAG) made its Nasdaq debut, becoming the first listed U.S. stock focused on new-energy intelligent commercial vehicles.
Unity Ventures invested in Skywell's angel round in December 2020 and continued to back the company in its Pre-A round, making it Skywell's earliest and largest institutional investor representative.
Founded in 2019, Skywell is a global new-energy commercial vehicle company dedicated to accelerating the decarbonization of commercial transportation through its advanced portfolio of heavy-duty new-energy vehicles and innovative clean fuel systems. Through strategic partnerships with top-tier automakers and rigorous quality management systems, Skywell provides intelligent, high-performance new-energy vehicles serving logistics, mining, and port transportation applications.
Skywell's flagship products include the Dragon King II plug-in hybrid dump truck, the Galaxy II plug-in hybrid truck, and autonomous driving tractor-trailers.
Skywell plug-in hybrid heavy-duty truck products
Skywell leverages data and technology to restructure supply chains, independently developing electronic control and steering systems, an Intelligent Distributed Hybrid Power (IDHP) system, and solid oxide electrolyzer cell (SOEC) hydrogen production technology — achieving the combined goals of autonomous security and control, structural cost optimization, and enhanced intelligence.
The company went public via a SPAC merger. Skywell founder Chao Gao said, "Today marks a significant milestone in our mission to drive decarbonization in global commercial transportation. The Nasdaq listing will further raise our market profile and broaden our financing channels, helping Skywell accelerate the commercialization of next-generation plug-in hybrid, electric, and hydrogen fuel cell trucks, as well as the application and promotion of our clean fuel technologies. We plan to expand production capacity, invest in hydrogen infrastructure, and further extend our global footprint across China, Central Asia, Southeast Asia, and the Middle East, while preparing to enter European and American markets."
Xiao Wang, founder of Unity Ventures, said, "New energy is a major trend in global commercial vehicle development. Skywell continuously explores new technologies and concepts through its 'software + hardware + data' approach. Over the past five years, Chao Gao's team has demonstrated resilience and execution capability, expanding with different configurations across different regions. From electrification to intelligence, we look forward to Skywell opening up even larger markets in the future."
Since its founding in 2011, Unity Ventures has consistently focused on technology and has steadily expanded into sectors including new energy. During the 2020 pandemic, Unity connected with the Skywell team and held its first discussion via conference call — both sides were firmly convinced of the electrification and intelligence trends in commercial vehicles.
Going forward, Unity Ventures will continue to support technological innovation as always, walking alongside more entrepreneurs.
