HONG KONG (dpa-AFX) - China Petroleum & Chemical Corp. or Sinopec (SNPMF) said on Monday that it has signed an industry and capital cooperation framework agreement with Contemporary Amperex Technology Co., Ltd or CATL, in Beijing.
The partnership aims to set up a nationwide battery swap network, with a long-term goal of 10,000 stations to establish a new benchmark for green infrastructure in China. For fiscal 2025, the collaboration plans to construct at least 500 battery swap stations.
On the Shanghai Exchange, the stock is trading down 7 percent at 5.37 yen.
Sinopec said that as per the agreement, the two companies will make use of their respective strengths to accelerate the development of battery swap ecosystems and standardize operations.
With the deal, the company expects to create an effortless 'swap-as-fast-as-refuelling' experience for Chinese electric vehicle owners.
Sinopec said that the partnership will take forward the existing efforts by both companies in energy stations, storage, and advanced materials. Together, they will develop smart energy microgrids that integrate solar power, energy storage, charging, battery swapping, and inspection systems.
Looking ahead, there are plans to expand the collaboration into broader areas like zero-carbon solutions, vehicle ecosystems, and battery materials, the company added.
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