Hidden Hill Capital, YKC Clean Energy launch RMB fund for EV infra investment in China

Source: CHUTTERSNAP/Unsplash

Hidden Hill Capital, a private equity platform of GLP China, has announced the launch of an RMB-denominated fund to invest in smart electric vehicle (EV) charging infrastructure in China. The fund has also secured a 200 million yuan ($31 million) first close.

The fund, launched in partnership with YKC Clean Energy Technologies (YKC Charging), China’s leading renewable energy SaaS provider, is targeting a total of 1 billion yuan ($156 million).

The capital will be used to build China’s largest EV charging network and utilise GLP’s extensive portfolio of over 40 million square metres of operational GLP parks across China to instal the charging stations.

The fund is expected to “support a total charging capacity of 10 billion kilowatt-hours (kWh) which translates to 35 billion kilometers of EV travel, and reduce petrol consumption by 4.2 billion litres, eliminating 9.66 million tonnes of carbon dioxide emissions”.

“We believe the key to wider EV adoption is investment in the infrastructure that supports it. This partnership will leverage the scale and capabilities of GLP’s logistics ecosystem and YKC Charging’s expertise in the EV charging industry to accelerate the replacement of traditional energy with green energy. This also supports our commitment to create a more sustainable ecosystem and reduce the China’s reliance on traditional sources of energy,” said Higashi Michihiro, Chief Strategy Officer of GLP China and Chairman and Managing Partner of Hidden Hill.

Hidden Hill Capital is a private equity investment platform backed by GLP, focused on investing and partnering with companies that drive innovation and disruptive change in the logistics and supply chain industry and to create more efficient and sustainable ecosystems.

Hidden Hill Capital invests in both established and growth-stage businesses to create long-term value for investors.

In September, Hidden Hill Capital co-led a 1.2 billion yuan ($186.1 million) Series E funding round in eSign, a Chinese provider of electronic signature services backed by investors including Ant Group.

GLP is a leading global investment manager and business builder in logistics, real estate, infrastructure, finance, and related technologies.

Asia’s biggest warehouse operator in July announced the close of its newest China-focused logistics fund – GLP China Income Fund III (GLP CIF III) – with a total investment capacity of 4.5 billion yuan (about $700 million).

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.

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.