UK-based oil and gas supplier BP has formed a long-term partnership with Nio Capital, an investment firm co-founded by China-based smart electric vehicle developer Nio, that will target mobility technology.
The companies expect to locate opportunities for investments, focusing on areas such as electric vehicles, advanced batteries, connected cars, energy infrastructure and other technologies of mutual interest, both in China and internationally.
The agreement forms part of a strategy already pursued by BP through its corporate venturing arm, BP Ventures, whose portfolio includes startups developing low-carbon technologies, and through its product and service-led arm, BP Downstream.
Nio Capital’s agreement with BP appears to be unrelated to the former’s $500m fund, which was launched in November 2017 to invest in the automotive sector.
David Gilmour, vice-president of BP Ventures, said: “We were impressed by Nio Capital’s pioneering spirit, complemented by both their local insights and global presence. BP Ventures supports the wider BP Group by identifying and investing in private, high-growth, game-changing technology companies.
“We believe that by partnering with Nio Capital, BP will be able to access innovative business models and technologies, particularly in China’s new energy vehicle industry.”