BP signed a long-term partnership with Ulei Capital

BP, a multinational oil giant, and Ulei Capital today announced the signing of a memorandum of understanding for a long-term partnership. The two sides will work together to explore new opportunities in the field of advanced mobile travel in China. Potential investment opportunities will cover electric vehicles, new energy infrastructure, smart car systems, vehicle networking and new materials, including batteries, as well as other areas of possible mutual interest.

"Advanced technology is driving rapid changes in China's transportation industry, with new energy vehicles showing the fastest growth in China, making China a major market for BP's attention," said Qi Fan, chief executive of BP's downstream business. We are looking for collaborative ways to develop fast charging solutions and further develop new and innovative consumer solutions. We expect our partnership with Ulysses Capital will enhance our participation in advanced mobile travel and benefit our retail customers in China. "

"As an investment institution with deep industrial resources and perspectives, Uller Capital is pleased to work in depth with leading energy companies like BP," said Li Bin, founder of Ully Motors and Ully Capital. Under the background of the development of smart electric vehicles, the two sides will jointly explore and invest in innovative technologies and new business models to bring more pleasant life experience to consumers. "

BP is committed to supporting the entire society's transition to a low-carbon economy. While focusing on reducing its own production and operation emissions, BP helps customers reduce emissions and create low-carbon businesses by optimizing products. The BP venture capital department aims to identify emerging trends and business opportunities related to the above areas and make strategic investments to support BP's global business development. This long-term relationship with Ulysses is another example of advanced mobile travel solutions developed by BP VCs in collaboration with BP's downstream business.

"Thanks to positive regulatory guidance, China has become a leader in the transformation of the global transport industry. "We are very happy to have a partnership with Ulei Capital and to be part of China's new energy vehicle ecosystem," said Yangxiaoping, president of BP China. BP is committed to playing a leading role in China's continued growth in advanced mobile travel. "

BP is one of the leading foreign-invested enterprises in China's oil and gas industry. BP's main commercial activities in China include: oil and gas exploration and development, petrochemical product production and sales,special fuel supply, refined oil retail, lubricants business, oil and gas supply and trade, liquefied natural gas receiving stations and gas transmission lines, and chemical technology licenses.

Uller Capital is a fund management agency that invests in reshaping the field of automobiles, new energy and related technologies. Founded in 2016, with its unique global and Chinese innovation capabilities, comprehensive understanding of the market and a thriving ecosystem, We have created a number of leading companies in the fields of electric vehicles, smart driving, shared travel, new energy networks, and new materials.

So far, the BP venture capital division, together with more than 200 joint investors, has invested more than $400 million in corporate venture capital in more than 40 institutions. BP VCs are actively seeking opportunities for direct investment in China, focusing on BP's five strategic areas-advanced mobile travel, power and storage, carbon management, biological and low-carbon products, and digital transformation.

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