Shanghai-based battery swap solutions provider Aulton New Energy Automotive Technology has pocketed 1.5 billion yuan ($232 million) in a Series B round of financing, it said in a WeChat post on Wednesday.
Government-led funds Guangzhou Financial Holdings and Guangzhou Geth Holdings, alongside state-backed Sinopec Capital’s sub-fund Enze Capital jointly led the fresh round. Other investors included Korea Investment Partners, Shenzhen-based CY Capital and Guangdong Merchant Venture Capital.
Aulton has so far secured 3.5 billion yuan ($541 million) in financing. It counts Japanese conglomerate SoftBank’s subsidiary SB Energy, NIO Capital, and BAIC Motor’s new energy vehicle BAIC BJEV as early-stage investors.
In efforts to build a green and sustainable auto industry, China late last year initiated the New Energy Vehicle Industrial Development Plan for 2021 to 2035, in which it attempts to build an extensive battery-swap infrastructure network for the auto sector.
Subsequently, in April this year, the government launched demonstration cities to facilitate charging stations and other facilities.
Aulton provides a one-stop battery-swap solution for EV transportation through smart internet technology. In partnerships with over 20 auto players like BAIC Motor, SAIC Motor, and GAC Motor, it has developed more than 20 vehicles covering passenger cars and commercial vehicles, that support the battery-swap feature.
The platform, set up in 2016, has built an extensive network in about 30 cities including Beijing, Shanghai, Guangzhou, Chongqing, and Kunming.
It claims to have served 50,000 clients, while it has provided smart services for events including the 2008 Beijing Olympic Games, 2010 Shanghai World Expo, and 2020 Guangzhou Asian Games.