Renault-Nissan-Mitsubishi VC Arm Invests in EV-Charging Platform Startup PowerShare
Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, announced a new investment in PowerShare, an EV charging platform startup based in China. PowerShare offers an online platform that connects EV drivers, charge point operators and power suppliers. The goal of PowerShare's platform is to streamline the charging experience. PowerShare provides a cloud-based system that enables suppliers to monitor the demand from vehicles and drivers with the supply capacity of the grid to find available charging stations.
PowerShare is the most recent addition to the Alliance Ventures portfolio of businesses in an early stage of development of next-generation systems for the automotive industry.
François Dossa, Alliance Global Vice President, Ventures and Open Innovation, 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 Chief Executive Officer of 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.
Financial terms of the PowerShare investment were not disclosed.
