NIO (NIO) Closes Funding Deal with EV Charging Service Provider Yunkuaichong
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Yunkuaichong, a Chinese EV charging service provider, announced Monday that it has closed a Series B2 round of funding from NIO Capital, the venture capital arm of NIO (NYSE: NIO), less than three months after closing its Series B round. The company did not announce the amount of the funding round or the valuation.
Zhu Yan, the managing partner of NIO Capital, said that as the penetration of new energy vehicles in China further increases, the charging pile industry will also expand. He added NIO Capital highly recognizes YKC's great ability to aggregate the country's charging pile operators, and noted NIO Capital is upbeat about YKC's development prospect based on its industry-leading direct-connected charging terminal network and input volume of electricity.
YKC in China's largest third-party IoT SaaS charging platform. Prior to the NIO Capital-backed financing, YKC finished two rounds of fundraising in June 2021 and September 2018 respectively, which attracted such investors as CATL, Empower Investment, Hidden Hill Capital, and G2Link.
By Michael Elkins | Michael.Elkins@streetinsider.com
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