BP invests in PowerShare

Jack Unwin 24 January 2019 (Last Updated January 25th, 2019 11:05)

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

BP invests in PowerShare
BP Ventures has invested in PowerShare, a leading integrated hardware and solutions provider for electric vehicle (EV) charging in China. Credit: BP

BP Ventures has invested in PowerShare, a leading integrated hardware and solutions provider for electric vehicle (EV) charging in China. The Financial Times estimates that BP’s investment will be between $1-5 million.

PowerShare provides an online platform that connects EV drivers, charge point operators and power suppliers to streamline the charging experience. PowerShare is a cloud-based system, which enables power suppliers to monitor the power demand from vehicles with the supply capacity of the grid.

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

PowerShare CEO Ethan Zhu added: “As a technology-based start-up with focus on charging of electric vehicles, PowerShare has accumulated rich experiences in charging solutions and technologies through in-depth cooperation with domestic and foreign automobile manufacturers […] We are much honoured to partner with world leading companies like BP to jointly expand markets, develop core technologies, and explore new business models in the global eMobility business.”

BP has made other investments in this area including purchasing UK EV charging company Chargemaster, and investing in fast-charging battery technology firm StoreDot and mobile-charging company Freewire Technologies.