Porsche Ventures, the venture capital unit of luxury car maker Porsche, has injected an undisclosed sum into Chinese energy tech firm EnjoyElec via a strategic financing round.
Founded in 2015, EnjoyElec, also known as PowerShare, is a virtual power plant (VPP) solutions provider with battery AI technology at its core. VPP is a decentralised network of power-generating units that can be pooled together through the use of software and internet-of-thing (IoT) to provide a reliable power supply.
The strategic investment comes after the luxury carmaker adopted EnjoyElec’s VPP solutions in its showroom located in Haining, a county-level city in China’s Zhejiang province.
Previously, the Shanghai-headquartered energy tech firm completed its Series A+ financing round in October 2022 led by Volvo Cars Tech Fund, the investment arm of Sweden-based automobile manufacturer Volvo Cars, according to a company announcement.
BP Ventures, the corporate venture arm of British energy giant BP, and Alliance Ventures, the corporate venture capital fund operated by the Renault-Nissan-Mitsubishi alliance, also participated in the extended Series A round.
Alliance Ventures is a corporate venture capital fund operated by the Renault-Nissan-Mitsubishi “Alliance”, positioned to invest in early-stage startup companies whose software, products, or services are primarily focused on the future of the automotive industry.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing all prominent venture capital transactions in the Greater China region from June 12– 18, 2023.