Earlier today, Alliance Ventures, the strategic venture capital fund of Renault-Nissan-Mitsubishi, the world’s largest automotive alliance, announced a new investment in PowerShare, an electric vehicle charging platform startup based in China.
PowerShare, a leading integrated hardware and software solutions provider for electric vehicle charging in China established in 2015, provides an online platform that connects electric vehicle drivers, charge point operators, and power suppliers in an attempt to streamline the charging experience. PowerShare currently offers a cloud-based system that enables suppliers to monitor vehicle demands and allows drivers to find available charging stations near them.
François Dossa, Alliance Global Vice President, Ventures and Open Innovation, commented on the investment in the company’s most recent press release, stating:
“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, went on to add:
“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.”
While news of the investment arrived directly from Alliance Ventures, no financial details regarding the investment in PowerShare have been disclosed at the time. According to Alliance Ventures, PowerShare has become the most recent addition to the company’s ever-growing portfolio of early-stage development and entrepreneurs focused on contributing to the future of e-mobility.
Source: Alliance Ventures