Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, has invested in PowerShare, an electric vehicle (EV) charging platform startup based in China.
Financial terms of the PowerShare investment have not been disclosed.
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.
PowerShare is the most recent addition to the Alliance Ventures portfolio in the field of early-stage development and entrepreneurs on the cutting edge of next-generation systems for the automotive industry.
François Dossa, global vice president, ventures and open innovation, Alliance, 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 CEO, 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.”
The investment in PowerShare follows ten other Alliance Ventures investments, including start-ups based in North America, Europe and China, all with a focus on contributing to the future of mobility.
