5 H BY MARK KANE
PowerShare grows in power. Who’s next to invest?
Alliance Ventures, the venture capital arm of Renault-Nissan-Mitsubishi Alliance, announced investment in PowerShare – the charging platform startup based in China, which recently attracted also BP.
PowerShare is kind of similar to ChargePoint in North America. The online platform connects EV drivers, charge point operators and power suppliers. Because of its strong position in China and the Alliance’s ambitions, investment in a charging partner for the Chinese market was a reasonable decision. Financial terms of the deal were not disclosed.
“Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, today announced a new investment in PowerShare, an electric vehicle (EV) charging platform startup based in China. PowerShare provides an online platform that connects EV drivers, charge point operators and power suppliers to streamline the charging experience. It offers a cloud-based system, enabling suppliers to monitor the demand from vehicles with the supply capacity of the grid and drivers to find available charging stations.”
François Dossa, Alliance Global Vice President, Ventures and Open Innovation, said:
“PowerShare’s expertise fits with the Alliance’s objective to maintain our leadership in vehicle electrification. 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. Additionally, PowerShare’s base in China aligns with our strong focus on the market as a strategic hub.”
Ethan Zhu, founder and Chief Executive Officer of PowerShare added:
“As a technology-based start-up with a focus on electric vehicle charging, PowerShare has accumulated rich experiences in this field through in-depth cooperation with domestic and foreign automobile manufacturers, charging operators and charging pile manufacturers over the past four years. This investment from Alliance Ventures will enable us to go farther and faster in expanding markets, developing core technologies, and exploring new business models in the global e-Mobility business. We look forward to working closely with Renault-Nissan-Mitsubishi as PowerShare grows.”
Categories: Charging, China, Mitsubishi, Nissan, Renault