According to people with knowledge of the matter, Farizon is looking to raise $300 million in new capital.

The people, who asked not to be identified as the information is private, said that GLP would be the lead investor in the clean energy commercial vehicle maker's debut funding round.

People with knowledge of the matter say that a Hong Kong-based investment firm is considering joining the round.

The people said that the deliberations are ongoing. The company doesn't comment on internal business. A Mirae Asset representative couldn't immediately comment, as well as a spokesman for GLP.

Investment into the electric vehicle sector has grown as a result of the push toward decarbonization. Rivian raised more than $13.7 billion in its initial public offering.

Commercial vehicles, urban buses and coaches are made by Farizon auto. A new engine that cuts average annual fuel cost by 18% compared to diesel heavy trucks was launched two years after it was first introduced. Mike Fan, the CEO of the division which includes Farizon, said last year that it was considering an IPO in three to five years.

The assistance was given by Kyungji Cho.