BP Venture announced an investment of USD 10 million in China's NIO Capital for exploring new opportunities in China's NEV ecosystem on July 25.
The fund will be used for investment opportunities in advanced mobility areas including EV and related technologies, new energy infrastructure, smart driving system, telematics and new materials such as batteries, as well as other areas of common interest.
"With the increase of customer demands and fast development of technologies, BP aims to maintain its market position as a preferred energy supplier through diverse solutions. The cooperation with NIO Capital is part of our strategy to make BP a leading supplier of future mobility solutions," said Roy Williamson, VP of BP's Advanced Mobility Unit.
"BP Ventures is committed to discovering and investing in leading companies in the advanced mobility field," said Akira Kirton, Managing Director at BP Ventures, "We are very glad to be able to explore new opportunities in China's fast growing EV related technologies and technology innovation field, while making our first important investment in the country."
BP China's president Yang Xiaoping points out that BP hopes to become part of China's NEV ecosystem through the partnership with NIO Capital, and make contributions to the sustainable development of China's mobility field.