"Endless Watt" Raises Nearly RMB 150 Million in Angel Round, Redefining Smart EV Chargers | Yunqi Capital

➤➤➤ Smart EV charging startup "Endless Watt" (无尽瓦特) has completed a nearly RMB 150 million angel round, with Yunqi Capital participating. The entire proceeds will go toward early-stage product R&D.

Founded in 2023, Endless Watt was started by Yunpeng Wan, former co-founder of Roborock, where he was involved in building the company from the ground up into a leading smart cleaning robot brand.

Yunqi Capital's Take

Yunqi Capital has always focused on "technology innovation, industrial empowerment." Intelligent driving is one of our sustained areas of focus, with early investments in companies including DeepRoute (元戎启行), Neolix (新石器), and JueFX Technology (觉非科技).

Chen Yu, Partner at Yunqi Capital, said: "As global NEV penetration continues to rise, the overseas charging pile sector is well-positioned to leverage China's complete industrial chain and engineering talent advantage in combining hardware and software. The Endless Watt founding team brings comprehensive strengths across product definition, technical architecture, supply chain, and overseas sales. We look forward to seeing them build internationally competitive smart charging products and tap into the vast energy management market."

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Smarter Charging Piles

The NEV market is currently in a rapid growth phase with substantial upside. Existing players are not highly concentrated, and market expansion creates room for new brands to grow. Moreover, charging piles are a classic "bits managing watts" product, placing high demands on a team's hardware and software development capabilities. The track offers sufficient technical complexity and R&D depth, which translates into deeper product and technology moats. Simultaneous shifts on the market and technology fronts create an ideal opening for technically-driven startups to enter and dig in.

The rapid growth of NEVs has fueled prosperity in the charging pile market. According to data from the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA), NEV sales reached 7.28 million units from January to October this year, with a vehicle-to-pile ratio of 2.65:1.

The growth in NEVs corresponds to higher electricity demand, but power infrastructure cannot scale proportionally. In the future, NEVs will not merely be energy consumers — they will become "participants in bidirectional energy flow and storage." Viewed holistically, NEVs will form the largest, most natural distributed mobile energy storage and management network, one that requires no redundant social investment.

Wan believes this will lead to two outcomes: first, charging networks will become ubiquitous; second, charging piles will become smarter. Competitive products will support energy management and bidirectional charging/discharging, and will be able to respond to grid demand-side signals. Combined with operational tools, user charging behavior can be influenced, and future vehicle-to-grid (V2G) capabilities will enable large-scale temporal and spatial shifting of electricity.

Going Global in Europe and America, Starting with Home Charging

In target market selection, Endless Watt has pursued a technology export strategy from day one, planning to first enter European and North American markets.

Wan noted significant differences in charging infrastructure needs between European/American and Chinese markets. China has more developed power infrastructure, greater government-led investment, relatively concentrated residential populations, cheaper residential electricity with smaller peak-valley price spreads, and lower labor costs. European and American customers have markedly different demands for smart scheduling, energy management, solar-storage-charging integration, intelligent operations and maintenance, serviceability, and reliability.

By charging scenario, the market can be segmented into destination charging, home charging, en-route charging, professional fleet charging, and more — each with different customer types, charging needs, and pain points.

Endless Watt is primarily targeting the "broad destination charging market" encompassing both destination and home charging. This is based on two considerations: first, the premise that future charging networks will be everywhere, making destination scenarios ubiquitous; second, destination charging places the highest and most complex demands on the integration of charging pile hardware and software.

Both home and destination charging markets are in a rapid growth phase. According to third-party data, by 2030, the global destination charging and home charging markets will reach cumulative scales of $107.7 billion and $59.2 billion respectively, with CAGR of 40% and 34%. The overseas charging pile market is currently fragmented, with business models, product forms, and technical routes still unsettled. For startup teams entering now, there can be no obvious weaknesses across R&D, manufacturing, sales, and operations.

Upgrading from traditional "electric plugs" to smart charging piles, Endless Watt aims to help customers save on two types of costs: at the product level, reducing capital expenditures on installation, capacity expansion, and maintenance, as well as operating expenses on upkeep and inspections; at the business model level, lowering users' comprehensive electricity costs through peak shaving and valley filling, improving overall energy network operational efficiency.

Affected by the energy crisis, European electricity prices surged in 2022. While they have retreated this year, they remain relatively elevated. Moreover, peak-valley price spreads in Europe and America far exceed domestic levels. Through intelligent coordination between charging piles for smart charging, both home and destination users can not only save on EV charging costs but also reduce home electricity costs through reverse discharging, thereby improving comprehensive energy utilization efficiency.

Full Hardware-Software Stack, Experienced Team

Endless Watt marks Wan's first personal venture. Prior to Roborock, he spent nine years as a Huawei smartphone product R&D lead. Building on his extensive experience in smart hardware and software and his industry connections, Endless Watt focuses on energy management systems, starting with smart charging pile products.

On team composition, Endless Watt's domestic R&D team comes primarily from leading hardware and software companies including Huawei, Alibaba, and Tencent, maximizing China's engineer dividend and industrial chain advantages. The overseas local team draws from international companies such as ZTE, Huawei, and ABB with rich overseas localization experience, ensuring delivery efficiency and service quality in target markets.

According to reports, based on a technical roadmap deeply integrating energy technology, power construction technology, and software technology, Endless Watt invited a top software expert from Alibaba to join from the team's inception, and established dual CTOs for "power electronics" and "software and cloud" — grasping both hardware and software — with a focus on breaking through charging efficiency and intelligence.

Under its current product plan, Endless Watt will launch its first product in Q3 next year. The debut product will be positioned as "the Apple of charging piles." The Endless Watt team hopes to participate in and lead the charging pile industry's transition from the feature phone era to the smartphone era by redefining smart charging pile product performance and management systems.