With the policy getting stricter on CO2 emissions, OEMs are likely to enhance the application of CFRP in vehicles
Huayu New Materials Co., Ltd. (Chinese: 华渔新材料), which specializes in carbon-fiber-reinforced polymers (CFRP) products that are applied to vehicles, has recently received tens of millions of CNY from an Angel round of financing.
The company received the funds from FreesFund and Shanghai Pudong S&T Investment Co., Ltd. Yuanhe Capital served as financial advisor.
According to a media report, the proceeds raised from this round will be used to expand the capacity of carbon fiber transmission shafts and apply carbon fiber materials in new energy vehicles.
Yu Xuduo, the CEO of Huayu, said CFRP has many benefits, such as high intensity, resistance to corrosion and sturdiness.
Public information shows that CFRP is mainly used in wind power, aerospace, sports & recreation, and automobile industries, and the global market share of CFRP in these four industries is 25%, 23%, 15% and 11%, respectively.
Established in 2012, the company focuses on the use of CFRP in military and aerospace industries. Since 2019, Huayu became an auto parts supplier and has cooperated with XPeng, Nio, Dongfeng Motor (Chinese: 东风汽车), Great Wall Motor and GAC.