French parking company Indigo Group has launched a joint venture (JV) with Chinese parking management company Sunsea Parking. 

The JV will invest significant amounts in developing the parking platforms of the future, which will be built to facilitate a range of vehicles including electric and autonomous cars, focusing initially on China before expanding into the broader ASEAN and central Asia market. The JV will focus on the on- and off-street parking markets, establishing long-term contracts with public sector providers and utilizing the combined local expertise, innovation and global experience and scale brought by Sunsea and Indigo.

Sunsea and Indigo will make an initial investment of nearly EUR30 million (US$33.8 million) which, together with debt and further capital from local investors, will enable the joint venture to invest in tens of thousands of modern car parking spaces.

Sunsea has a 60% stake in the JV, with Indigo holding the remaining 40%. It is structured to allow the potential for third-party investment through the special purpose vehicles.