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Startup Enovate forms battery system joint venture with Shanghai Electric

Tuesday From Gasgoo| July 18 , 2019

Shanghai (Gasgoo)- A joint venture focusing on R&D and production of EV battery system technologies jointly built by China’s EV startup Enovate and Shanghai Electric Group Co.,Ltd (Shanghai Electric) was officially registered on June 25, 2019, according to the records posted on TianYanCha.com, a Chinese company information search platform.

The new JV, dubbed Shanghai Electric Group Battery Technology Co.,Ltd, involves a total registered capital of RMB135 million, which is 55% and 45% subscribed by Shanghai Electric and the EV startup.

According to TianYanCha, business scope of the JV extends to cover such areas as the development and transfer over technologies of automobile power battery system, power battery modules, auto parts and software, the consultation and other services about the aforesaid technologies as well as the installment and maintenance of power battery modules and computer software.

Enovate Shanghai Electric joint venture, Enovate Wanxiang A123 cooperation, China automotive news

Enovate, previously known as Dearcc, announced in April the completion of its Series A round financing with over RMB2 billion raised in total.

Enovate Shanghai Electric joint venture, Enovate Wanxiang A123 cooperation, China automotive news

The startup has already got a mass-produced model, the ME7, delivered on the market. Offered in two variants, the ME7 is priced from RMB366,800 to RMB381,800 before subsidy. NEDC-rated range for the medium-sized all-electric SUV is up to 500km.

Aside from the newly-built JV, Enovate teams up with Bosch and Wanxiang A123 on EV-related core parts including battery, electric motor and electric control units. Besides, the startup also forged strategic partnership in January 2019 with a subsidiary of Chinese major cobalt supplier Zhejiang Huayou Cobalt Co.,Ltd, to jointly work on cascade utilization of NEV power batteries and material recycling.

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