Century Energy Partners with Shendianneng Technology to Expand Business into Electrochemical Energy Storage Power Plants
Century Energy International Holdings Ltd announced a cooperation framework agreement with Shendianneng Technology Group Co., Ltd for a possible business cooperation in relation to energy storage power plants.
November 09, 2021. By News Bureau
This framework agreement with Shendianneng Technology is the third business development of the Group following a new management team on board in early October 2021.
Pursuant to agreement, Shendianneng Technology may refer projects related to electrochemical energy storage power plants to Century Energy for consideration of investment, and if the investment in the projects related to electrochemical energy storage power plants are approved by Century Energy, the Group may invest in such projects and be entitled to the title and the revenue generated by such projects.
The Company may also give priority consideration in engaging Shendianneng Technology for the design and construction of the electrochemical energy storage power plants on same terms offered by other parties. Upon the completion of construction of the electrochemical energy storage power plants, Century Energy may engage Shendianneng Technology in managing the operations of such plants.
Shendianneng Technology is principally engaged in electricity retailing, electricity distribution, electric vehicle charging business, software development and photovoltaic power generation business. It is held as to 50% by Shenzhen National Electricity Investment Partnership (Limited Partnership) , 40% by BYD Company Limited (HKSE Stock Code: 1211) and 10% by Shenzhen Canyou Group Co., Ltd.
Commenting on the latest business development, Mr. Cheung Yip-sang, CEO of Century Energy, said, "We are pleased to enter into the cooperation with Shendianneng Technology to jointly develop the user-side energy storage business in response to the national power reform and new energy development policies. The Chinese government implemented a new policy last month, allowing a widened electricity price fluctuation range to reflect supply-and-demand situations. The energy storage business we plan to develop will allow industrial and commercial users to store and use energy as needed, thereby helping users stabilize electricity supply and reduce electricity costs."
"Shendianneng Technology, backed by its strong shareholding background, has an extensive industry network and a strong pool of talents in the electrochemical energy storage sector and electricity retailing. Through this framework agreement, Century Energy will be able to further develop and expand its business in electrochemical energy storage power plants. It also complements the business strategy of the Group in establishing our core competitiveness in the fields of new energy materials, energy saving and environmental protection and digital technologies for energy safety."
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