CATL joins forces with Fujian Yongfu to establish JV firm

On February 6, 2021, Contemporary Amperex Technology Co., Limited (CATL) and Fujian Yongfu Power Engineering Co., Ltd. (Yongfu) held a signing ceremony in Ningde. According to the agreement, both parties will jointly establish a JV firm, CATL Yongfu New Energy Technology Co., Ltd. It will focus on the integrated smart energy industry and specialize in technological innovation and intelligent manufacturing to provide customers with world-leading, safe, reliable, and highly efficient new energy products and overall solutions. Also, it will carry out a global deployment, and quickly boost the widespread application of new energy. 

Carbon neutrality has become a global consensus. China has pledged to peak carbon emissions by 2030, and achieve carbon neutrality by 2060. Against this backdrop, comprehensive energy like distributed energy will welcome new opportunities. What's more, the new business model typified by “PV + Energy Storage” is developing at an accelerated rate.  

The cooperation is in response to the needs of the new energy market. Both parties will fully integrate their advantages in technology and resources to increase energy efficiency through the optimization of energy supplies and needs. Also by deploying new energy investment, construction, and operation, both parties are going to develop an innovative energy enterprise that integrates advanced technologies, product suppliers, and comprehensive energy end to end solution providers. 

Robin Zeng, the founder and chairman of CATL, said, “In face of the opportunities arising from peak carbon emissions and to achieve carbon neutrality, we have forged a cooperative relationship. It will benefit the replacement of stationary fossil fuel energy. CATL is competitive in energy storage batteries, and Yongfu has a keen insight into the power industry and boasts leading technical integration capability. This will help carve out a new path for the comprehensive smart energy industry, and promote society’s low-carbon and high-quality development.”

Lin Yiwen, the chairman of Yongfu, said, “Yongfu will join forces with CATL to develop ‘PV + Energy Storage’ core technologies, and take swift actions in the new energy and energy storage market, to provide customers with the most outstanding and competitive end to end smart energy solutions. By doing so, we can meet and lead the needs of the times, and jointly make contributions to mankind’s new energy undertaking!”