Shanghai (ZXZC)- Geely Technology Group (Geely Tech), inherited from Geely Holding Group, signed on April 29 an agreement with local government of Xiuzhou District, Jiaxing, Zhejiang Province to build a new energy battery research institute at Xiuzhou Hi-tech Industrial Development Zone, according to the official website of the hi-tech zone. 

Involving a total planned investment of RMB3 billion, the yet-to-be-established research institute will work as the headquarters for the Group to research and develop new energy batteries with R&D hubs of battery cells and electricity generation system as well as centers for analysis & testing and forward-looking technology development.

The new institute is expected to start operation within 2019, not only meeting Geely’s demands on future continuous growth of new energy batteries, but also helping improve the quality and efficiency of local new energy industrial development. 

Over more than a decade of developing, Geely Tech has hatched a large number of promising technology companies, and continuously engaged in the field of new energy, transport services, future transportation and digital living. Headquartered in Hangzhou, the Group owns CAOCAO, Xiaolinggou, Qjiang Motorcycle, CRGT(China Railway Gecent Technology) , Terrafugia, Easybao Tech, and other brands. The Group is also exploring in aerotrain, industrial Internet, 5G, V2X, edge computing, etc., according to Geely’s official introduction. 

Local government of Xiuzhou District is speeding up the cultivation of new energy industry and has successively introduced some auto parts and new energy programs from Toyota, Webasto and Minth Group with an industrial chain consisting of R&D, production, detection, operation, maintenance and relevant supporting sectors basically formed here.