Alliance backs China EV player PowerShare

It comes within a month of a Series A investment led by BP's venture division with participation from Chinese PE firm Detong Capital Partners. The fresh capital will be used to develop the company's core technologies and explore new mobility related business models globally.

PowerShare offers a platform that connects EV drivers, charge point operators, and power suppliers with a view to streamlining the vehicle charging process. The cloud-based system allows suppliers to monitor the demand for power versus grid capacity while also helping drivers find available charging stations.

"A solid infrastructure network must be established to accelerate the deployment of EV and new mobility services, and we expect PowerShare's technology to help make that happen," François Dossa, a vice president of ventures and open innovation at Alliance Global, said in a statement. "Additionally, PowerShare's base in China aligns with our strong focus on the market as a strategic hub."

This is the tenth investment by Alliance, which was set up early last year with a global mandate and bases across China, Japan, France, and the US. The firm expects to deploy $1 billion in its first five years targeting new mobility-related segments, including vehicle electrification, autonomous systems, connectivity, batteries, and artificial intelligence.

Recent investments in Asia include a limited partner stake in the Sinovation Ventures Smart Investment Fund and participation in an early-stage round for Chinese autonomous driving technology developer WeRide. The latter was touted as the first investment from a global automotive group in a Chinese start-up specializing in level-four autonomous driving.

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• Topics
• Greater China
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