The Nio Capital and SB Energy-backed EV battery exchange platform’s latest round was co-led by Sinopec Capital’s Enze Fund and brought its valuation to over $1bn.

China-based battery-swapping network operator Aulton secured RMB1.5bn ($232m) yesterday in a series B round co-led by Sinopec Capital, a subsidiary of oil and gas supplier Sinopec, through its Enze Fund.

Government-backed Guangzhou Finance Holdings and Guangzhou GET Investment Holdings co-led the round, which included Guangdong Merchant Venture Capital, CY Capital and Korea Investment Partners’ China-based vehicle.

Aulton has built an electric vehicle (EV) battery management platform for electric vehicles that includes a network of battery exchange stations across some 20…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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