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Proton New Energy Technology (Pro-Net) secures MYR 200 million from CIMB Bank to support green mobility initiative in Malaysia

Apr 05, 2024•over 1 year ago

Amount Raised

RM200 Million

Petaling JayaRetail Motor VehiclesManufacturing

Investors

Cimb Bank

Description

Proton New Energy Technology (Pro-Net), a subsidiary of Proton, has secured MYR 200 million (USD 42.1 million) in funding from CIMB Bank. The capital will facilitate Pro-Net's ability to meet the rising demand for electric vehicles (EVs) and upgrade EV infrastructure, aligning with Malaysia’s objective of achieving carbon neutrality. Additionally, the funds will support Pro-Net’s importation and distribution of Smart #1 vehicles.

Company Information

Company

Proton New Energy Technology (Pro-Net)

Location

Petaling Jaya, Selangor, Malaysia

About

Proton New Energy Technology (Pro-Net) is a wholly owned subsidiary of Malaysian automaker Proton, tasked with fulfilling Proton’s commitment to its EV agenda and leading the automotive manufacturer’s transition toward new energy vehicles. It currently holds the exclusive authorization to import and distribute Smart vehicles in Malaysia and Thailand.

Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech

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