SPI Solar has agreed to invest RMB30 million (~$4.7 million) into Beijing Yiwei New Energy Technology Development Company, with the aim of supporting that company’s move to offer an electric vehicle (EV) rental service in China, according to a recent press release.
The investment will see SPI Solar gain a 60% stake in the company. In conjunction with the new investment, SPI Solar will be leveraging electricity produced by projects funded via Solarbao.com — the company’s commerce + investment platform — to develop a number of EV charging stations in choice parts of Chinese metropolitan areas to support the rental fleet.
In addition, Solarbao.com is intended to function as a financing platform for EVs and EV charging stations — thereby keeping financing for the EV rental business coming in.
“By leveraging the rapidly increasing generation capacity of Solarbao.com-funded projects, this partnership will help power Yiwei’s pioneering fleet of electric vehicles through clean solar energy, creating a closed-loop solar energy ecosystem from power generation, power storage and efficiency management to electricity resale,” stated Xiaofeng Peng, Chairman of SPI Solar.
“With China’s market for high-quality rental cars growing daily, we are confident that consumers will appreciate the cost advantages of Yiwei’s solar-powered rental cars, the convenience of booking EV rentals anytime through their Internet-connected mobile devises, as well as the opportunity to participate in China’s green vehicle revolution through ‘green commuting’.
“Combined with SPI’s existing sub-charging stations business, the EV rental business will provide an additional resale channel for the sale of Solarbao.com eco-friendly energy. It will also further Solarbao.com’s strategy to operate under an asset-light business model and to construct an Internet-based distribution network for sustainable green power to be delivered to residential, commercial, transportation and other end users in a cost-effective manner.”
Since launching earlier this year, Solarbao.com has already offered investors in China access to over 100 green energy investment opportunities.
Image Credit: SPI Solar