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CHINA BRIEF | E-scooter battery-sharing company set by Hello Chuxing, CATL, and Ant Financial raises USD 28.3 million

Ningde Zhixiang was established in 2016 with a total investment of USD 141.6 million from the three companies.

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Chinese e-scooter battery-sharing company Ningde Zhixiang, a joint venture formed by battery maker Contemporary Amperex Technology (CATL), bike-sharing startup Hello Chuxing, and Ant Financial has secured RMB 200 million (USD 28.3 million) from Chinese electrical manufacturer Zhonhen Electric, local tech media 36Kr reported on Wednesday.

The two companies will further strengthen partnerships in research and development of intelligent products and technologies, said Zhonhen Electric.

Ningde Zhixiang was jointly established by the three aforementioned companies in 2016 with a total investment of RMB 1 billion (USD 141.6 million), with the goal to set up e-scooters battery stalls in locations across Chinese cities and let users rent these batteries after scanning a QR code.

Each of the three companies brings their own expertise to the table. Hello Chuxing is in charge of business operations; CATL, China’s largest battery manufacturer, provides the charging technology, while Ant Financial is responsible for user growth and online conversions, according to a KrASIA‘s report.

36Kr is KrASIA’s parent company.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.