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).