China-based battery rental service E-huandian has received RMB300m ($43.5m) in series B funding from investors including mobile semiconductor producer Qualcomm and carmaker Hyundai, China Money Network has reported.
US-China Green Fund led the round, which included financial services firm Mirae Asset, Korea Investment Partners, GGV Capital, Yunqi Partners and Translink Capital, while Qualcomm took part through its Qualcomm Ventures unit.
E-huandian, a subsidiary of e-scooter maker Immotor, rents out portable lithium batteries used to power electric vehicles (EVs). Users can access and pay for batteries through 24-hour vending machines operated by the company.
Hyundai led the company’s $14.5m series A-plus round in July this year, investing alongside GGV Capital, Yunqi Partners and Translink Capital according to China Money Network. The latter three had all participated in a series A round of undisclosed size for the E-huandian in 2017.
Image courtesy of E-Huandian.