Chinese EV charging operator Star Charge nabs $125m co-led by Schneider, CICC

Photographer: Brent Lewin/Bloomberg Photo by Bloomberg

Star Charge, an integrated solution provider for electric vehicle (EV) charging, has raised 855 million yuan ($125 million) in its Series A round jointly led by French global energy and automation digital solution developer Schneider Electric and Chinese CICC Capital’s sub-fund.

The round also saw the participation of China Construction Bank’s Hong Kong-based investment arm CCB International, Shanghai Guohe Capital, Wujin National Hi-Tech Industrial Zone’s unit and CDB-CDC Investment Management, a fund co-launched by state-owned China Development Bank’s Funds of funds and Chinese global investment manager GLP in Shanghai, Star Charge posted on WeChat.

Morgan Stanley facilitated the transaction.

The company, which was founded by Shao Danwei in 2014, manufactures charging equipment for EVs. Leveraged by internet of things (IoT) and internet of vehicles (IoV) technologies, the Changzhou-based company also offers data operation, and financial insurance, among others.

It counts 59 leading automobile groups as clients and these include names such as Jaguar, Porsche, Benz, Land Rover, Hyundai Motor, BYD, BAIC, among others.

“The investment to Star Charge matches our interest in sustainability. To set sight on EV solutions comprising charging infrastructure, power allotment, energy management system, software and service are what we stay focused on,” said Jijun Xie, senior vice president, Schneider Electric (China), in the statement.

Global sales of EVs in terms of volume in 2019 registered a 40 per cent year growth from the previous year. Going forward, it is expected to account for 10 per cent of the amount of automobile’s market size by 2025.

Before the fresh round of funding, in 2016, Star Charge had secured an undisclosed amount of equity financing from CDB Capital, a fully-owned subsidiary of China Development Bank.

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).   

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  • 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. 
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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.