BP Ventures invests in Chinese EV charging platform PowerShare

Photographer: Brent Lewin/Bloomberg Photo by Bloomberg

BP said on Thursday it had invested in Chinese start-up PowerShare, which links electric vehicle drivers to charging points and helps power suppliers balance distribution.

The PowerShare application, which is used in cities such as Shanghai, will help manage growing pressure on power grids as electric vehicles (EVs) usage surges in the coming decades.

With China targeting sales of more than 7 million EVs by 2025, the need to manage demand and distribution of power on the grid, particularly at times of peak demand, will be crucial.

BP’s investment is the latest in a string by the London-based oil and gas major and several of its rivals, including Royal Dutch Shell and Total, in EV charging as they target future low-carbon economies.

Car producers, utility firms and energy companies have doubled down efforts in recent years to find ways to manage the expected surge in power demand.

PowerShare helps drivers locate charging points and pay for the supply, while allowing suppliers to optimise to balance demand on the grid, depending on the time of day, for example between city centres and residential areas.

“As more and more EVs come on, grid operators are concerned about mobile demand. PowerShare can monitor where vehicles are and where demand is in the system,” Graham Howes, managing director of BP Ventures in Asia, told Reuters.

BP, which has invested in fast-charging battery docks and battery storage technologies, did not disclose the size of the investment in PowerShare, but its venturing business typically invests up to ten million dollars in one firm.

“We wanted to find a technology that can cope with volume,” Howes said of PowerShare, which is BP Ventures’ first direct investment in China.

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Reuters

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.