On November 11, "Gree Titanium New Energy Co., Ltd." issued an announcement that Yinlong New Energy Co., Ltd. changed its name to "Gree Titanium New Energy Co., Ltd." (referred to as "Gree Titanium") from November 9. All the business of Yinlong New Energy continues to be operated by "Gree Titanium", and all kinds of business activities are carried out normally.
This is another major move after Gree Electric Appliances acquired a 30.47% stake in Yinlong through a judicial auction in August, turning Yinlong into a subsidiary of Gree Electric Appliances.
The market believes that Gree Electric Appliance took Yinlong and changed its name to "Gree Titanium", indicating that the advantages of lithium titanate battery technology and market have been further clarified. Gree Electric Appliance will help lithium titanate battery technology into the fast track of development.
Yinlong New Energy is a high-tech enterprise focusing on the new energy industry. The company was founded in 2009 with a registered capital of 1.103 billion yuan. Its business scope includes the production and sales of lithium-ion power batteries and energy storage batteries.
Gree Electric Appliances announced on August 31 that it had acquired a 30.47% stake in Yinlong New Energy Co., Ltd. (hereinafter referred to as Yinlong New Energy) for 1.828 billion yuan through Jingdong's judicial auction network platform.
At the same time, Dong Mingzhu entrusted the company to exercise the voting rights corresponding to its 17.46% stake in Yinlong New Energy. Coupled with the voting rights entrusted by Dong Mingzhu, chairman and president of Gree Electric Appliances, Gree Electric Appliances will control 47.93% of the voting rights of Yinlong New Energy, which will become the holding subsidiary of Gree Electric Appliances.
According to the auction price of Gree Electric Appliances, the overall valuation of Yinlong New Energy is 6 billion yuan, a discount of 54% from the valuation of 13 billion yuan when Gree Electric Appliances planned to buy five years ago.
Although the valuation has dropped sharply, Gree Titanium already has a dense new energy layout:
First, it has more than 40 lithium titanate and lithium iron phosphate power battery production lines, and the annual production capacity of the battery business plate is about 18.31GWH, of which the annual production capacity of lithium titanate battery is 2.85GWH.
Second, it has electric vehicle powertrain, motor, power management system and other parts business and energy storage plate;
Third, the self-developed hydrogen-titanium powertrain technology has exclusive advantages;
Fourth, in July 2020, Beijing Liyin Automotive Technology Co., Ltd. was established as a joint venture with Tianmai Technology, which partly participated in the R & D and manufacture of self-driving and intelligent networking equipment in the field of Baidu car construction.
Today, the new energy vehicles produced by Gree Titanium New Energy have been operated in more than 220 cities across the country, including Beijing, Tianjin, Chengdu, Nanjing, Luoyang, Xi'an, Wuhan, Changsha, Qingdao, Hangzhou, Harbin, Haikou and Zhuhai. and extended to the field of hydrogen fuel cell buses.
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