Renault-Nissan-Mitsubishi Invests in Chinese EV Charging Startup Powershare
Zhang Yushuo
/SOURCE : yicai
Renault-Nissan-Mitsubishi Invests in Chinese EV Charging Startup Powershare

(Yicai Global) Feb. 20 -- Renault-Nissan-Mitsubishi's investment arm, Alliance Ventures, plans to take a stake in Powershare and work with the Chinese startup to develop new charging solutions for electric vehicle owners.

Founded in 2015, Powershare provides components and monitoring systems for charging pile manufacturers and new-energy vehicle makers, Alliance said in a press release on Feb. 18, without disclosing financial details.

"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," said Francois Dossa, Alliance's global vice president of ventures and open innovation. "PowerShare's base in China aligns with our strong focus on the market as a strategic hub."

China is the world's largest NEV market and sold 96,000 electric cars last month, more than double the figure for January 2018, data published on Feb. 18 by the China Association of Automobile Manufacturers shows. That extended a 61.7 percent annual leap for all of last year, according to the National Bureau of Statistics, which pegs China's 2018 NEV sales at close to 1.3 million.

Powershare runs a software-as-a-service platform that provides clients with monitoring programs and hardware. It has penned deals with several local governments, mostly for charging pile operations and billing, and also offers web-connected smart piles and power banks for NEVs.

"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," added Ethan Zhu, Powershare's founder and chief executive.

The investment follows a recent funding round led United Kingdom-based BP, which raised between USD1 million and USD5 million for the target firm.

Editor: James Boynton 

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Keywords: Renault-Nissan-Mitsubishi Alliance , Electric Vehicles , Powershare