Hidden Hill Capital, a private equity platform of GLP China, and its partner, YKC Clean Energy Technologies, have raised RMB200m (€27m) in the first close for their billion-RMB fund to invest in smart electric vehicle (EV) charging station infrastructure in China.
The fund, which aspires to build China’s largest EV charging network, will utilise GLP’s portfolio of more than 40m sqm of operational GLP parks across China to install the charging stations.
The fund is expected to support a total charging capacity of 10bn kWh, which translates to 35bn km of EV travel or 875,000 trips around the world. This would reduce petrol consumption by 4.2bn litres, eliminating 9.66m tonnes of carbon dioxide emissions, according to GLP.
Higashi Michihiro, chief strategy officer of GLP China and chairman and managing partner of Hidden Hill, said the partnership would leverage the scale and capabilities of GLP’s logistics ecosystem and YKC Charging’s expertise in the EV charging industry to accelerate the replacement of traditional energy with green energy.
GLP’s Hidden Hill Capital focuses on investing and partnering with companies that drive innovation and disruptive change in the logistics and supply chain industry to create more efficient and sustainable ecosystems.
YKC Clean Technologies is regarded as China’s leading renewable energy software as a service provider. As of August 2021, the company had a footprint in more than 300 cities, servicing some 2,500 charging operators.
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