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January 28, 2019

BP Ventures invests in Powershare for China EV

BP Ventures, has invested in EV hardware and software solutions provider, PowerShare, for electric vehicle (EV) charging in China.

By Rhodri Morgan

BP Ventures, has invested in EV hardware and software solutions provider, PowerShare, for electric vehicle (EV) charging in China.

The investment is part of PowerShare’s Series A round, which was led by BP Ventures and draws support from Detong Capital Partners, a private equity firm in China.

PowerShare provides an online platform connecting EV drivers, charge point operators and power suppliers, streamlining the charging experience from locating a charge point through to paying for the power supply.

PowerShare’s cloud-based system also allows suppliers to optimise operations by continuously monitoring and balancing demand from vehicles with the capacity of the grid.

 “China is the world’s largest EV market and a key market for BP as we seek to expand our advanced mobility offer,” said BP deputy chief executive, Lamar McKay.

“Our investment into PowerShare, BP Ventures’ first direct investment in China, demonstrates our continued intent to provide charging solutions and advanced mobility offers to Chinese consumers both on and off our forecourts.”

A statement from the oil giant added: “BP’s commitment to being a fuel provider for both conventional and electric vehicles, delivering fast and convenient electric vehicle charging networks for customers, includes its acquisition of the UK’s leading electric vehicle charging company Chargemaster, investments in fast-charging battery technology firm StoreDot and, mobile-charging company Freewire Technologies as well as its recent EV charging partnership with 66iFuel in China and NIO Capital’s US Dollar Fund with a focus on China’s new energy vehicle ecosystem.” 

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