Sinopec Acquires Stake in CATL, Deepening Collaboration on Battery Swapping Stations

[Sinopec Acquires Stake in CATL!]

Sinopec disclosed that CATL made its debut on May 20, with Sinopec leading the investment as the world's largest cornerstone investor. This capital injection represents another significant capital operation move following the announcement of the "10,000 Battery Swapping Stations, People's Infrastructure" initiative under the Framework Agreement on Industrial and Capital Cooperation previously signed by both parties. It will facilitate the joint promotion of new-type infrastructure construction for battery swapping stations in China by both parties.

On May 21, the first heavy-duty truck Qiji battery swapping station project, a collaboration between the two parties, was officially signed in Fujian. This year, the two parties plan to construct no less than 500 battery swapping stations, with a shared commitment to achieving the goal of building 10,000 battery swapping stations in the future. Moving forward, Sinopec and CATL will continue to expand their cooperation in areas such as battery swapping, zero-carbon initiatives, microgrids, vehicle ecosystems, and battery materials.