YKC Completes B2 Round of Financing with Investment from NIO Capital

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(Source: YKC)

YKCCN.com (YKC), a new energy Internet of Things (IoT) service provider, announced on Monday that it has completed a B2 round of financing in which NIO Capital served as an investor.

Data available on enterprise information inquiry platform Qichacha shows that YKC has completed three rounds of financing, including the one announced on Monday. Its investors are Contemporary Amperex Technology Co., Empower Investment, Hunan Chasing Fund Management Co., Ltd. under Chasing Financial, Hidden Hill Capital and G2Link, among others.

Zhu Yan, managing partner of NIO Capital, says that as new energy vehicles (NEVs) become more popular, the charging pile industry will usher in explosive growth. Furthermore, in the public charging sector, diverse players will coexist for a long time, and the investors and operators will be highly disparate. He considers YKC as a leading player in the basic supporting industry of NEVs, and has promising potential for future development based on its industry-leading direct charging terminal network and charging capacity.

YKC is a third-party platform specializing in overall solutions for charging station construction and operation, and is committed to providing convenient charging services for NEVs. Users of the platform can search outlets, scan codes for charging, monitor charging information in real time and pay online with the YKC app.

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Official data suggest that as of August 2021, YKC has operated in more than 300 Chinese cities, with over 2,500 service pile operators and over 120,000 direct charging piles. It is currently the largest third-party charging IoT SaaS platform in China.

According to the China Passenger Car Association, in the first half of 2021, the sales volume of NEVs in China exceeded 1 million vehicles, up 218.9% year-on-year. It is expected that by 2030, China will boast over 80 million NEVs. Chinese authorities’ national plan suggests that the fast-growing NEV market will promote the construction of charging piles to a large market scale of over one trillion yuan.