Renault-Nissan-Mitsubishi's VC arm invests in EV charging and service solutions company

Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi announced a new investment in PowerShare, an electric vehicle (EV) charging platform startup based in China.

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. Earlier this year, British energy major BP had invested in PowerShare its VC arm.

This investment is the latest addition to the Alliance Ventures portfolio in the field of early-stage development and entrepreneurs working on the next-generation systems for the automotive industry.

Francois 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 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, this the partners says is part of its focus on contributing to the future of mobility.