Oil and gas supplier BP provided $10m on Wednesday for a US dollar-denominated fund owned by Nio Capital, the corporate venturing arm of China-based smart electric car developer Nio.
Founded in 2016, Nio Capital invests in transport technologies such as electrification, autonomous driving software and shared mobility offerings. It raised $500m for its first fund, which was launched in November 2017.
BP’s commitment to the fund comes two months after it formed a strategic partnership with Nio Capital. The companies have not disclosed whether BP’s investment will be channelled into a new or existing fund.
Akira Kirton, managing director of BP’s own corporate venturing unit, BP Ventures, said: “BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of the advanced mobility industry.
“We are delighted to make our first material investment in China, as we explore the opportunities brought about by the rapid development of electric vehicle-related technologies and innovations in the country.”