Swedish automotive giant Volvo which is owned by Chinese automotive group Geely has made its first investment in the APAC region. It has invested in Shanghai-based PowerShare which is an AI and cloud-based energy management startup. This has been done via its Tech Fund which is its venture capital arm. PowerShare was established in 2018. PoweShare has impressive battery AI technology and specialises in power management systems with operations in several Asian companies. It has more than 100 proprietary algorithms for better battery performance, virtual power plants and smart charging technology.
"APAC, with China at its core, has always been a key region for Volvo Cars to accelerate our technological innovation, digital transformation and sustainable development. I’m excited to see the Volvo Cars Tech Fund blossoming in the Chinese market. After landing our first strategic investment here, we will lead the way towards the future of travel for consumers around the globe,” said Yuan Xiaolin, the president and CEO of Volvo Car Asia Pacific.
PowerShare is known for its virtual power plant (VPP) cloud solution which helps create more sustainable energy solutions. It connects the service provider via a cloud-based software platform which aggregates energy terminals such as industrial and residential ones and even charging stations. This includes clean energy terminals, like solar panels. The entire stack is based on the cloud where AI algorithms are run via IoT devices and the VPP can carry out electricity trading to match the energy production with the demand on the grid.
This system can help when there are challenges due to extreme weather conditions and other external factors which can disrupt green power supplies compensating for the disadvantages of the traditional electricity grid.
"We continue to invest in two of our most important goals: full electrification by 2030 and becoming fully climate-neutral by 2040. Partnering with PowerShare means teaming up to make our vehicles a functional part of the energy ecosystem. Smart power and clean energy helps us reduce CO2 emissions and move closer towards our electrification and sustainability targets,” said Alexander Petrofski, the head of the Volvo Cars Technology Fund.
