Shanghai (ZXZC)- PetroChina Company Limited ("PetroChina"), a Chinese oil & gas producer and the listed arm of Chinese state-owned China National Petroleum Corporation ("CNPC"), recently set up a subsidiary permitted to work on a slew of businesses related to new energy vehicles (NEVs).

According to the corporate information platform Tianyancha, the newborn company, named PetroChina Green Electricity New Energy Co., Ltd. ("PetroChina Green Electricity"), was incorporated on Nov. 23 with a registered capital of 60 million yuan ($8.39 million). It has three shareholders, of which both PetroChina and Qiyuan Core Motive Power hold 47.5% stake each, while Enneagon Energy takes the remaining 5%.

Photo credit: PetroChina

PetroChina Greem Electricity features a line of businesses including the operation of electric vehicle (EV) charging infrastructures, sales of battery swapping facilities, charging piles, and NEVs, as well as manufacturing of PTD (power transmission and distribution) and control equipment, batteries, and photovoltaic facilities.

Aside from PetroChina, the other two major shareholders are also subsidiaries of a state-owned energy giant, State Power Investment Corporation Limited ("SPIC"). Notably, Qiyuan Core Motive Power has CATL as one of its shareholders.

Founded in Oct. 2022, Qiyuan Core Motive Power primarily works on leasing battery swap stations and power battery packs, as well as providing battery swap services for heavy-duty trucks.

Enneagon Energy engages in the R&D, production, sales, and operation of EV charging and battery swapping facilities. In Nov. 2022, the company saw its 200th battery swapping station dedicated to heavy-duty trucks come online.