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,” Akira Kirton, Managing Director BP Ventures, added. “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.”
“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 Yang, BP 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 firstname.lastname@example.org.
- 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.
BP press office, China: +86 (0)10 6589 3878, email@example.com
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