57 Stars LLC has invested in Immotor Technology Co., Ltd., a leading green energy mobility network in China, focusing on battery exchange services for electric two-wheel vehicles.

About Immotor Technology Co., Ltd.

Immotor Technology Co., Ltd. is a prominent venture-backed firm that operates eSwap, the largest battery-as-a-service platform in China, catering to operators of electric two-wheel scooters and mopeds. The eSwap service offers a subscription model for consumers, shared mobility users, delivery operators, and public transit systems. Subscribers benefit from access to batteries, automated charging stations for battery swapping or recharging, and cloud-based analytics that provide valuable insights into asset utilization and customer behaviors. As of June 2020, Immotor had established a presence in 54 cities, boasting nearly 7,000 battery changing stations and managing the daily charging of over 400,000 batteries. The company has garnered investments from notable entities, including Samsung Ventures and Hyundai Motor Company.

One of the key advantages of Immotor's business model is its emphasis on sustainability, particularly in managing the lifecycle of batteries. This includes repurposing batteries for additional uses like energy storage, which significantly contributes to reducing carbon emissions. The company’s innovative non-contact exchange model, complemented by a user-friendly app, provides a reliable and efficient energy solution, effectively alleviating concerns related to range anxiety. Such features are vital in encouraging consumers to transition towards electric vehicles, thereby promoting a greener environment.

Industry Overview in China

China's electric vehicle industry is experiencing a remarkable transformation driven by a combination of government policy, technological advancements, and shifting consumer preferences. The Chinese government has established ambitious goals for the electr