On September 22, Star Charge (Wanbang Digital Energy Co., Ltd.), a digital energy startup, successfully completed a 855 million yuan ($125 million) Series A funding round.
The round was led by CICC Capital and Schneider Electric with participation from, such as, CCB International, Guochuang Zhongding and Guohe (Shanghai) Capital. Morgan Stanley also participated and facilitated the transaction.
Announcement of Star Charge is
‘The Most Richly Valued Digital Energy Unicorn Company in Asia’
In response to the environmental problems of global warming, the development and promotion of EVs will contribute to the global emission reduction strategy and mitigate climate change. It is imperative to transform traditional cars into electric vehicles. Last year, the global sales of electric vehicles increased by 40% year-on-year, and it is estimated that by 2025, the sales of electric vehicles will account for 10% of the automobile market, and will continue to grow exponentially thereafter.
Star Charge, 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 company also offers energy management, and smart operation and maintenance, among others.
Shan Junbao. President of China International Capital Co. Ltd.(CICC)
Eric Xie. Senior VP of Schneider Electric (China) and Head of Digital Energy Division China
Both investors stated that the investment to Star Charge matches their emphasize on sustainability. Especially Schneider Electric, who keeps looking for optimal EV solutions comprising charging infrastructure, power allotment, energy management system, software and service.
To set sight on a series of advanced technology products, such as high-power liquid-cooled charging system, V2X, wireless charging, and robotic arm charging, “Propelling the transportation into electric age, and leading the global energy into digitization” are what the company stays focused on.