CATL's subsidiary CAES, CITIC Financial Leasing sign agreement to co-develop battery swapping ecosystem

Shanghai (Gasgoo)- On December 4, Contemporary Amperex Energy Service Technology Ltd. (CAES), a wholly-owned subsidairy of CATL, signed a strategic cooperation agreement with CITIC Financial Leasing Co., Ltd., a financial leasing platform wholly owned by China CITIC Bank, according to a post on CATL's WeChat account.

Both parties aim to promote the development of modular battery swapping ecosystem, enhancing the expertise and diversity of battery swapping services. Besides, they plan to offer users a more convenient and efficient energy replenishment experience, accelerating the widespread adoption of this battery swapping technology.

Through the partnership, the duo plans to cooperate in financial leasing field, exploring the full value chain of financial needs within the modular battery swapping ecosystem. Through resource sharing, information exchange, and talent collaboration, they aim to develop innovative cooperation models that benefit both parties. This initiative is dedicated to reducing the cost of vehicle ownership for consumers using battery swapping services, optimizing the capital structure of battery banks, and accelerating the commercialization of battery swapping technology.

To solve the problems of range anxiety, inconvenience of refueling, and high total cost of ownership, CAES rolled out its innovative modular battery swap solution EVOGO in January 2022. CITIC Financial Leasing, rooted in its core leasing business, serves the national strategy with high-quality and distinctive financial services, and possesses unique professional advantages in green leasing.

This partnership marks a significant milestone in the integration of battery swapping ecosystem development and financial innovation. It reflects growing social recognition of the commercial value and technological advancements in battery swapping business model, paving the way for the continued growth of the new energy battery swapping industry toward high-quality development.