Jiangsu YKC New Energy Technology Completes Series B2 Financing
Jiangsu YKC New Energy Technology Co., Ltd. (YKC), China's leading renewable energy IoT service provider, has formally announced the completion of its Series B2 financing with investment from NIO Capital.
September 18, 2021. By News Bureau
Investment for the company's Series B1 and Series A rounds came from CATL and GLP, respectively. From a world leading logistics provider and power battery giant, to top-of-the-line car maker, YKC's rapid development benefited from the booming electric vehicle (EV) market and related support facilities in China.
From 2014 to 2021, China's charging pile market has evolved from a policy-driven model to a market-driven one. Data from Ministry of Public Security of the People's Republic of China and the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA) shows that as of the first half of 2021, China was home to 6.03 million EVs and approximately 1.95 million charging piles, with a vehicle-pile ratio of nearly 3-to-1.
According to the Chinese government's plan for the development of the EV sector, the country's vehicle-pile ratio will gradually migrate to 1-to-1, meaning that there is still huge growth potential for the build out of a charging pile infrastructure. The size of such a construction market is expected to climb to a valuation in the trillions of yuan.
"In August 2021, China's EV market witnessed a retail penetration rate of 17.1%," said Frank N. Chen COO of YKC. "As we observed with China's experience in the development of smartphone and mobile payment technologies, when the market penetration rate of a sector approaches 10%, growth of the sector shifts into overdrive. From this, we can conclude that China's EV market will see explosive growth in the coming years."
China's EV market is huge, and the growth trend of charging piles as an essential support facility needs to be understood. China's charging pile investment market is expected to continue to see the emergence of a large number of regional pile operators.
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