Highlights:

• DST remains dedicated to advancing new energy logistics technology and innovative business models, alongside expanding its global presence and promoting for standardized solutions. These initiatives aim to assist its customers in accelerating the achievement of net-zero emission targets in logistics delivery.
• Management views this latest investment round as a testament of the capital market's acknowledgment and confidence in DST's growth trajectory. DST is committed to further improving its operational efficiency and enhancing service quality, thereby generating long-term sustainable value for its customers, shareholders, partners and employees.

Shenzhen – July 9, 2024 – DST, one of the global players in digital and intelligent operation service provider for new energy logistics vehicles, announced the successful closing of its Series E+ funding round today. The round saw participation from Twin Towers Ventures (TTV), the corporate venture capital arm of PETRONAS, along with existing shareholders. This marks DST’s second funding round in six months, following the completion of Series E funding in Q4 2023, bringing the total amount raised in the Series E round to approximately $100 million. TTV focuses on investing in startups with breakthrough technologies in the energy transition and green mobility sectors across Asia Pacific (APAC) and Middle East and North Africa (MENA) regions. The investment in DST underscores strong confidence in DST’s capabilities in digital and intelligent operations for new energy logistics and highlights potential within the Southeast Asian market.

As a leader in digital and intelligent operational services for new energy logistics vehicles, DST is optimistic about the electrification trends in both the Chinese and Southeast Asian markets. The company is committed to achieving sustainable growth by leveraging its expertise in supply chain management and digital operational capabilities. DST firmly believes that it can contribute to global electrification goals through its efficient and cost-effective new energy vehicles. As of June 2024, DST manages over 130,000 units of new energy logistics vehicles. This milestone signifies that China's new energy logistics vehicle service network has entered a sustainable and scalable phase, further enhancing DST’s standing in the capital market.

Ms. Zhang Haiying, Founder and Chairman of the Board of DST, stated, "DST has consistently improved its service quality and operational efficiency through advancements in new energy logistics technology and innovative business model, thereby helping customers accelerate their net-zero emission targets in logistics delivery. We believe this funding round by TTV is a recognition of DST's capabilities in digital and intelligent operational service by the capital market, further strengthening our confidence in expanding into overseas markets. In the future, we aim to deepen strategic collaboration with Southeast Asian partners to provide efficient, cost effective and environmentally friendly solutions in new energy logistics, thereby promoting sustainability in the global logistics industry."

Ms. Tian Tian, Chief Financial Officer of DST, said, "Despite the prevailing pressure in the capital market, DST successfully closed its Series E round in 2023 and Series E+ round in 2024. We sincerely thank both the new and existing shareholders for their long-term confidence, trust and support for DST. The completion of the overall Series E round will provide sufficient financial resources to support DST's expansion and overseas strategy. The successful closure of this funding round signifies the capital market's validation of our company. Moving forward, we remain committed to enhancing operational efficiency, service quality, our environmental, social and governance (ESG) standards, thereby creating sustainable long-term value for our customers, shareholders, partners, and employees."

About TTV

TTV is the corporate venture capital arm of PETRONAS and maintains dual offices in Kuala Lumpur and Singapore. TTV invests in early to growth stages entrepreneurs across the Asia Pacific (APAC) and Middle East and North Africa (MENA) regions.

About DST

Founded in 2015, DST has been committed in advancing the electrification of urban logistics vehicles. The company operates vehicles throughout their lifecycle using a digital and intelligent operational service network that integrates the entire value chain of the new energy logistics vehicle industry. DST provides comprehensive asset operations and services, including vehicle leasing and sales, charging and maintenance, and vehicle disposal. DST empowers industry stakeholders to enhance efficiency and value through "service and digitalization". The company continuously promotes the standardization and intelligence service in the industry.

For more information about DST, please visit www.dstcar.com.

Media and Investor Contact:

• Public Relations: globalpr@dstcar.com
• Investor Relations: dst-ir@dstcar.com

SOURCE: DST Electric Vehicle Rental (Shenzhen) Co., Ltd.