Zhizu Power Exchange Secures Round-B Financing of $17.2 Million
On Wednesday, Zhizu Power Exchange, an intelligent power exchange enterprise for electric two-wheel vehicles, announced the completion of a B round financing worth 110 million yuan ($17.2 million). This round was led by Qianjiang Motorcycle Group Co. and followed by Xuzhou Runhui. Before securing the round B of financing, the enterprise had already completed three other rounds of financing, with a total amount exceeding 160 million yuan.
Zhizu Power Exchange is a product of Zhizu Tech, which provides efficient, convenient and safe power exchange services for users of electric two-wheel vehicles. The whole power exchange process takes only 10 seconds. Li Xuejun, founder and CEO of Zhizu Power Exchange, said, “Zhizu has built an advanced intelligent manufacturing base for its charging and replacing cabinets in Anqing, Anhui Province, and opened up the upstream manufacturing of the industry with a total investment of 1 billion yuan, which will be officially put into use soon.”
At present, the enterprise cooperates with Qianjiang, Yadea, food delivery platform enterprises such as Meituan, Ele.me and Dingdong Maicai, power battery enterprises such as BYD, Gotion, SVOLT and Jinko, and information and communication technology enterprises such as Huawei Cloud, Wanxiang Blockchain and China Unicom as well as local government departments and investment funds nationwide.
By the end of 2021, its power exchange business had entered 78 cities across the country. At present, the number of its registered users and users under service have exceeded 800,000, and the accumulated service mileage has exceeded 1.6 billion miles. Its service not only involves business including food delivery, express delivery and new retail, but also partially extends to individual customers themselves.
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Since 2019, the shared charging and power exchange industry has offered many development opportunities. At that time, Immotor and YIQI Exchange both secured investments quickly. Hello Inc., Ant Group and Contemporary Amperex Technology Co., Ltd., set up a joint venture company to lay down the basic energy networks for electric two-wheel vehicles. In addition, China Tower, DiDi Bike and Meituan all have two-wheel vehicles’ power exchange markets.