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  4. BP invests $10 million in NIO Capital fund to explore opportunities in advanced mobility

BP invests $10 million in NIO Capital fund to explore opportunities in advanced mobility

Release date:
25 July 2018
BP Ventures has invested $10 million in the NIO Capital US Dollar Fund to support the fund’s work exploring opportunities in China’s new energy vehicle (NEV) ecosystem. This follows BP and NIO Capital’s recent signing of a partnership memorandum of understanding.

The investment will support the fund’s work exploring opportunities in advanced mobility areas, including electric vehicles and related technologies, new energy infrastructure, intelligent automotive system, connected vehicle, new materials including batteries, as well as other areas of possible mutual interest.

 

Roy Williamson, vice president of BP's advanced mobility unit, said: “With customer demand and technologies evolving fast, BP intends to remain the energy provider of choice through a number of diversified solutions. Our partnership with NIO Capital in China is part of BP’s strategy to be a leading provider of the mobility solutions of the future.”

 

BP is committed to a low carbon future, aiming to reduce greenhouse gas emissions in its operations, improve its products and services to help customers lower their emissions, and to create new low carbon businesses. BP’s commitment to being the leading fuel provider for both conventional and electric vehicles, delivering fast and convenient electric vehicle charging networks for customers, includes its recent acquisition of the UK’s leading electric vehicle charging company, Chargemaster, as well as recent investments by BP Ventures in fast-charging battery technology firm StoreDot and mobile-charging company Freewire Technologies.

 

 

 

BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of the advanced mobility industry. We are delighted to make our first material investment in China, as we explore the opportunities brought about by the rapid development of electric vehicle-related technologies and innovations in the country.Akira KirtonManaging Director BP Ventures

 

 



Through this partnership with NIO Capital, BP is leveraging China’s electric vehicle ecosystem as well as contributing to the sustainable development of the country’s mobility industry.Xiaoping YangBP China president

Notes to editors

  • BP is one of the leading foreign investors in the Chinese oil and gas sector. BP’s business activities in China include oil and gas exploration and development, petrochemicals manufacturing and marketing, aviation fuel supply, oil products retailing, lubricants blending and marketing, oil and gas supply and trading, LNG terminal and trunk line operation and chemicals technology licensing. Building on its business successes in China, BP has also expanded partnerships with Chinese national energy companies internationally. Further information about BP China is available on www.bp.com.cn.
  • NIO Capital is a fund manager investing in themes reshaping the automotive, new energy and technology sectors. Established in 2016, NIO Capital leverages its unique access to global and Chinese innovation, comprehensive market understanding and flourishing ecosystem to create category-leading companies in fields such as electric vehicles, autonomous driving, shared mobility, new energy network, new materials and more.
  • To date, BP Ventures has invested over $400 million in technology companies across more than 40 entities with more than 200 co-investors. BP Ventures is actively looking at direct investment opportunities in China in BP’s five strategic areas - advanced mobility; power and storage; carbon management; bio- and low carbon products and digital transformation.
  • For more information about BP Ventures’ activities in China, please contact bpventures@bp.com.
  • In January 2018, BP invested $5 million in FreeWire Technologies, a manufacturer of mobile EV rapid charging systems.
  • In May 2018, BP invested $20 million in StoreDot, an ultra-fast charging battery company.
  • In June 2018, BP announced that it would acquire Chargemaster, the UK’s leading electric vehicle charging company.

 

Further enquiries

BP press office, China: +86 (0)10 6589 3878, bpchinapress@bp.com

Cautionary statement

 

In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports.

 

Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.