ESG accelerator and active impact investor TrueGreen Impact Group (“TrueGreen”), has secured
$110m in new funding for its transport and technology group, Nexport Mobility Group (“Nexport”).
Tor Investment Management, a private alternative asset manager focused on Asia-Pacific markets
with over US$2Bn in assets under management has provided the new funding line. Burnvoir
Corporate Finance Limited was the financial advisor to the raise.
The funds will be used as growth capital for the Nexport Group who are currently leading the clean
mobility-tech evolution across Australia. This includes boosted funding to support the NSW
government with their transition to an electric bus fleet and to introduce a wide range of mobility
product offerings to the corporate and consumer markets.
The funding injection also supports the renaissance of clean-tech manufacturing in Australia with
Nexport to establish a large-scale production facility at a 94-hectare eco-hub hub in the Southern
Highlands region of Moss Vale, which is being developed by the TrueGreen Group. The locally
produced electric vehicles (“EV”) will be developed in conjunction with specialised EV automotive
group BYD Auto Co., Ltd., of which Warren Buffett’s Berkshire Hathaway owns 8.2%.
The funding significantly bolsters the group’s balance sheet and provides a clear runway to its planned
IPO in early 2022. It marks TrueGreen’s push to bring manufacturing back to Australia and Southern
Highlands region. It also highlights the ongoing demand from government organisations and other
large corporate groups for sustainable alternatives, as Australia urges closer to net zero emissions.
Nexport received considerable demand from a range of international investment groups, which well
exceeded the $110m need.
This funding follows the completion of a successful capital raise in May 2021, when Nexport secured
$20m from the St Baker Energy Innovation Fund.
Executive Director of Mobility, Luke Todd said: “To have secured this funding is a major coup for
Nexport. It exceeded the total amount we were initially seeking and comes from a major international
fund, highlighting the broad reach and potential applicability of our vehicles.
“The group now has the necessary financial flexibility to progress a number of opportunities and bring
advanced manufacturing back to Australia and transform EV adoption from aspirational to
mainstream.”
TrueGreen is assessing a number of other avenues to fund and further scale up its broader operations.
The group is currently seeking funding for other verticals and pleasingly, is experiencing a similar level
of interest. The group continues to generate very strong interest across its portfolio and a number of
developments are expected to materialise in the coming months.