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.