The auto recycling parts supply chain platform Oil Drops completed more than 100 million yuan of B round financing, led by Joy Capital

[Lieyun Network (WeChat: ilieyun) Beijing] reported on January 27

On January 27, the automotive recycling parts supply chain platform "Oil Drops" announced the completion of a B round of financing of more than 100 million yuan, which was led by Joy Capital and pursued by NIO Capital.

It is understood that the financing will be mainly used for the comprehensive upgrading of remanufacturing technology, the continuous expansion of domestic business, and the expansion of overseas markets.

Liu Erhai, founding and managing partner of Joy Capital, said: "Under the background of 'double carbon' and scientific and technological progress, the value of regeneration and recycling of automotive recycling parts and raw materials in the industrial chain is becoming more and more prominent. Source Planet has long focused on this, doing difficult and correct things, and we will continue to support the development of the enterprise. ”

Zhu Yan, managing partner of NIO Capital, an old shareholder of Source Parts Planet, also said: "There is still a big gap between the recycling of scrapped cars in the mainland and European and American countries. Accelerating the recycling of auto parts and reducing carbon emissions throughout the life cycle of automobiles will contribute to the 'double carbon' goal." The rapid development of the source planet in the past two years has also confirmed the great potential of this market. We are optimistic about the potential of Source Planet to become a leader in the field of automotive recycling parts, and will continue to support the company's development. ”

In the past two years, Oil Drops has completed four rounds of financing. As early as November 2020, Matrix Partners exclusively led the A round of financing for oil droplets. Niu Lixiong, partner of Matrix Partners, said: The automotive renewable resources industry is facing structural development opportunities, the source parts planet team has clear market insights, deep industry precipitation and strong execution, rapid performance development, in the industrial chain closed-loop empowerment and overseas market expansion and other aspects have great development potential. We are optimistic that under the leadership of founder Li Yang, the company will continue to build and improve the "automobile renewable resources" industry ecosystem and continue to create social value.

Founded in July 2019, Oil Drops has always been deeply involved in the dismantling parts market. Based on market prospect insights and strategic upgrade needs, Founder & CEO Li Yang announced a new brand upgrade strategy, iterating "oil droplets" into "source planets", deepening the concept of innovation, and responding to the national double carbon target and the social responsibility of green environmental protection.

Li Yang analyzed that "source" is the "god" of the brand, which means that all things have an active and endless cycle; "piece" is the "shape" of the brand, indicating the brand's main business - automobile reuse parts and raw material regeneration; "planet" symbolizes the complete industrial chain and the platform-level ecology built by the automobile renewable resource system. These beautiful meanings are superimposed together to form the brand universe and corporate vision of "Source Planet" - to promote green manufacturing with a circular economy and make the future of the earth better.

Source Planet is committed to creating an ecosystem of "automotive renewable resources", focusing on value discovery, re-creation and extension at the end of the automotive life cycle, and greatly increasing the proportion of automotive resource reuse. This system will accelerate the development process of the entire end-of-life automotive industry and will also provide impetus for the realization of the mainland's "double carbon" goal. In addition, Source Parts Planet will also connect the value of the automotive renewable resources industry to the global market, and set up branches in Malaysia and other countries and regions to further strengthen the global diversification strategy of the company.

Source Planet's "Automotive Renewable Resources" ecosystem consists of the following two core businesses:

Establishment of a supply chain business for automotive recycled parts and remanufactured parts. With the help of the "Internet + second-hand" model advocated by the state, source planet organically integrates and efficiently allocates the upstream and downstream of the originally loose and isolated industries, forms a closed loop of transactions, and enhances the commercial value and circulation efficiency of the industry.

Expand the recycling of automotive raw materials. Source Parts Planet classifies specific categories into high-quality "raw materials" through "relegation and restoration", re-enters the vehicle production link, further optimizes the industrial chain, and provides a broader commercial space for green manufacturing.

Li Yang said that the automobile renewable resources industry is in a stage of rapid development and will continue to grow rapidly in the next decade.

According to statistics, in 2020, the number of recycled accessories circulating on the source planet is about 220,000 pieces, and in 2021 it soared to 4.58 million pieces, which is 20 times that of 2020, and the emission reduction increased to 4 times, reaching about 80,000 tons. The carbon reduction equivalent to 1.2 million mu of forest in a day is about the carbon dioxide absorption of Zhangjiajie national forests for 16 consecutive days.

Source Planet will always practice the original intention of "low-carbon environmental protection", accelerate the ecological layout of automobile renewable resources, and contribute wisdom and strength to achieve the great goal of "carbon peaking and carbon neutrality".