BP invests in Chinese charging network/platform PowerShare
BP continues expansion in the electric vehicle business through investments and acquisitions. After three deals:
- acquisition of the UK’s charging company Chargemaster
- investments in fast-charging battery technology firm StoreDot
- investments in mobile-charging company Freewire Technologies
"The investment is part of PowerShare’s Series A round, which was led by BP Ventures and draws support from DETONG Capital Partners, a leading private equity firm in China.PowerShare provides an online platform that connects EV drivers, charge point operators and power suppliers, streamlining the charging experience from locating a charge point through to paying for the power supply. PowerShare’s cloud-based system also allows power suppliers to optimise their operations by continuously monitoring and balancing the power demand from vehicles with the supply capacity of the grid."
China is the world's largest EV market and BP would like to combine its global ambitions with necessity to secure smooth switch from conventional cars to electric ones.
"BP is committed to a low carbon future, aiming to reduce greenhouse gas emissions in its operations, improve its products and services to help customers lower their emissions, and to create new low carbon businesses.
BP’s commitment to being a leading fuel provider for both conventional and electric vehicles, delivering fast and convenient electric vehicle charging networks for customers, includes its acquisition of the UK’s leading electric vehicle charging company Chargemaster, investments in fast-charging battery technology firm StoreDot and, mobile-charging company Freewire Technologies as well as its recent EV charging partnership with 66iFuel in China and NIO Capital’s US Dollar Fund with a focus on China’s new energy vehicle ecosystem."
Lamar McKay, BP Deputy Chief Executive, said:
“China is the world’s largest EV market and a key market for BP as we seek to expand our advanced mobility offer. Our investment into PowerShare, BP Ventures’ first direct investment in China, demonstrates our continued intent to provide charging solutions and advanced mobility offers to Chinese consumers both on and off our forecourts.”
Ethan Zhu, founder and CEO of PowerShare, said:
“As a technology-based startup with focus on charging of electric vehicles, PowerShare has accumulated rich experiences in charging solutions and technologies through in-depth cooperation with domestic and foreign automobile manufacturers, charging operators and charging pile manufacturers in the past four years. We are much honored to partner with world leading companies like BP to jointly expand markets, develop core technologies, and explore new business models in the global eMobility business.”