Teld, the subsidiary of TGOOD Electric (300001:SZ), announced the completion of a CNY 1.35 billion (USD 194 million) Series A, led by two state-owned capital firms and CDH Investments, gaining traction in the massive electric vehicle charging station market.
The company has established Joint Ventures (JVs) in 88 cities in China, and launched projects in 282 Chinese cities. Furthermore, the firm claimed to have built more than 190,000 charging piles, maintaining the highest market share in 70% of the cities it operates in. Apart from the strong ability to build, the firm also provides Software-as-a-Service (SaaS) products to city charging station operators, Real Estate (RE) developers, public transport and state-owned institutions, helping them with good services.
Players in the niche market understand the importance of cooperation, especially when the EV market is burgeoning. As of the first half of 2019, New Energy Vehicle (NEV) ownership achieved 3.44 million, accounting for 1.37% of total car ownership.
Data collected by EVCIPA shows that Teld had achieved 148,083 charging piles as of December 2019, eclipsing StarCharge (120,404) and State Grid Corporation of China (87,846). On the other hand, Teld is in cooperation with 213 partners and has opened around 40,000 charging piles with them. As of December 2019, the total ownership of public and private charging piles in China reached 1.22 million, representing a 50.8% increase from one year before.
Range anxiety has remained the major concern for consumers purchasing EVs. A number of automakers are thus investing in charging infrastructure to promote their EV sales. Tesla, along with its ambitious step of setting its Gigafactory in Shanghai, had built 1,990 public charging piles in China as of December; NIO had 1,162 piles. The company also provides battery swap services as one of the cure ways for low battery anxiety to its customers. It has 123 battery swap stations as of the end of 2019.
Looking ahead, we see significant investment opportunities in the market and a synergy being established in the overall automotive ecosystem. Making charging networks more accessible to customers means a tighter control over customer data and better services for OEMs.