Beijing (ZXZC)- The British energy mogul BP signed an agreement with China's battery swapping company Aulton to buy stake of the latter’s subsidiary Guangzhou Aulton New Energy Technology Co., Ltd. (Guangzhou Aulton).

Photo credit: BP

Upon deal completion, Guangzhou Aulton will become a joint venture of both companies to provide safe and highly-efficient battery-swapping services for taxis, ride-hailing vehicles, and other passenger vehicles in Guangzhou.

The two parties both hold a great vision for carbon emission elimination. They believe the battery-swapping business will substantially help achieve carbon reduction. For example,instead of long-time charging, commercial vehicle drivers will have the option of battery-swapping, which takes only a hanful of minutes like gas-fueling, if not shorter. 

As a world leader in the battery-swapping field, Aulton has developed over 24 electric vehicle models compatible with the company's battery-swapping network with 14 major automakers, including BAIC Group, FAW Group, Dongfeng Motor, Changan Automobile, SAIC Motor, and GAC Group.

The company has deployed its battery-swapping network in nearly 30 cities across China, including Beijing, Shanghai, Guangzhou, Changchun, Wuhan, Chongqing, Kunming, and Sanya. As of now, Aulton's battery swapping platform has accumulated over 50,000 users.

Notably, earlier this year, Aulton disclosed its plan to set up at least 10,000 battery-swapping stations and a battery swapping platform with a capacity of over 10 million new energy vehicles by 2025.