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BP Ventures working with a Chinese startup to offer advanced mobility

BP Ventures has invested in PowerShare. A leading provider of integrated hardware and software solutions for charging electric vehicles in China. The investment is part of PowerShare’s A-Series Series, led by BP Ventures and backed by DETONG Capital Partners, a leading private equity firm in China. The Chinese startup offers an online platform that connects electric motorists, charging station operators and energy providers. First, PowerShare optimizes the charging experience from finding a charging station to paying for the power supply.

Wants to expand their own offer for advanced mobility

In addition, PowerShare’s cloud-based system provides utilities with the ability to streamline operations by continuously monitoring the energy needs of vehicles and balancing them with the network’s ability to deliver. Lamar McKay, Deputy Chief BP Chief, indicates that they want to expand their own offer for advanced mobility. By investing in PowerShare, the company is making its first direct investment in China, showing that it wants to do its part in offering charging solutions and advanced mobility offerings to Chinese consumers.

“As a technology-based startup focused on charging electric vehicles, PowerShare has accumulated extensive experience in charging solutions and technologies over the past four years through intensive cooperation with domestic and foreign car manufacturers, loaders and loading mechanics. It is a great honor for us to work with global leaders such as BP to jointly expand markets, develop core technologies and develop new business models in the global e-mobility business,” said Ethan Zhu, Founder and CEO of PowerShare

As McKay goes, BP is committed to a low-carbon future, with the aim of reducing greenhouse gas emissions in its operations, improving its products and services, helping customers reduce their emissions, and creating new low-carbon businesses. Certainly interesting in this context is the background of BP, which is considered as a leading fuel supplier for conventional vehicles. In the future, however, one would also like to occupy such a position in the market of e-mobility.

The foundation

The foundation for this is the acquisition of Chargemaster, investments in the UK fast-charging battery technology storeDot and the mobile phone company Freewire Technologies, as well as its recent EV charging partnership with 66iFuel in China and NIO Capital’s US dollar fund focusing on the Chinese ecosystem for new energy vehicles.

All this, even though in 2017 it was still convinced that for the time being, one does not jump on the train of the construction of electric car charging stations. At that time the statement was in the room, that one relies on the core business and dares only with individual steps into the world of electric mobility. At least the steps now seem to be getting bigger.

Following BP, the manufacturer alliance of Renault, Nissan and Mitsubishi now also participates in PowerShare. The amount of the investment is not specified.

Also published on Medium.

Published inStartups

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