BP Ventures backs China EV player

Chinese private equity firm Detong Capital Partners also participated in the funding round, according to a release. Financial details have not been disclosed.

PowerShare manages an online platform through which EV drivers and power suppliers can connect with charge point operators, streamlining the process of finding a charging point and paying for the energy. The platform also allows power generators to monitor the energy used throughout the grid in real time in order to optimize their operations. BP plans to help PowerShare expand its market penetration, develop its core technology, and explore new opportunities in the mobility sector.

“China is the world’s largest EV market and a key market for BP as we seek to expand our advanced mobility offer,” said Lamar McKay, BP’s deputy CEO. “Our investment into PowerShare demonstrates our continued intent to provide charging solutions and advanced mobility offers to Chinese consumers both on and off our forecourts.”

BP Ventures was launched in 2007 as part of BP’s efforts to stay abreast of new technologies and business models that could benefit its energy business. It focuses on companies that can partner with the parent, particularly in the area of carbon emissions reduction.

Although BP Ventures has not previously invested in China, BP itself has exposure to the market through Nio Capital, a VC firm founded in 2017 by Sequoia Capital China, Hillhouse Capital, and electric car maker Nio. BP committed $10 million to Nio Capital’s debut fund last year.

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• Topics
• Greater China
• Technology
• Cleantech
• Early-stage
• China
• automobiles
• TMT