Kandi Enters Strategic Cooperation Agreement with Zhejiang State Grid Electric Vehicle Service Company
Jinhua, China, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today that it entered into a strategic agreement with the Zhejiang State Grid Electric Vehicle Service Company to cooperate in the area of battery exchange for pure electric vehicles.
Vital to China’s national economy and energy security, State Grid Corporation of China (“State Grid”) is the largest state-owned public service enterprise in the world, ranking first among China's top 500 enterprises and second in the Fortune 500. State Grid is dedicated to implementing national policy by fully utilizing its advantages in technology, capital and human resources to construct a charging infrastructure in China that will help to accelerate the development of China's electric vehicle industry.
In order to improve the professional management and services at charging facilities, State Grid Corporation of China and State Grid Zhejiang Electric Power Company combined efforts to establish the Zhejiang State Grid Electric Vehicle Service Company in 2017. The scope of business spanned: new energy technology, electronic technology, testing technology, energy saving and environmental protection technology, new energy vehicles, electronic products research and development, technical consultation, technical services, as well as construction, operation, and maintenance services for electric vehicle charging and battery exchange.
To further promote innovation and development in the battery exchange business, Kandi established a wholly owned subsidiary, China Battery Exchange Technology Company, to specialize in the construction and operation of battery exchange networks for new energy vehicles.
The strategic cooperation agreement establishes that Kandi and Zhejiang State Grid Electric Vehicle Service Company will together promote the application and development of China’s new energy vehicles, intensifying model innovation and enhancing core competitiveness, with a focus on vehicle-battery separation and exchange. The cooperation agreement helps to implement China’s national energy transformation and new energy vehicle development strategy.
More specifically, the agreement entails:
The two parties will cooperate extensively across the whole supply chain for electric vehicle-battery exchange. This in-depth collaboration will include the following elements: centralized constant temperature battery charging, distribution, maintenance, battery recycling, construction and operation of power exchange networks, power exchange services to meet energy demand, grid auxiliary services, flexible control of power load exchange, as well as other value-added services for power exchange stations.