Shanghai (ZXZC)- On May 10, Chinese new energy vehicle (NEV) startup WM Motor and China Chengtong Ecology Ltd. (CCTE) signed a framework agreement to forge a strategic partnership, according to a post on CCTE's WeChat account.

As part of the cooperation the agreement clarifies, CCTE will recycle and reuse approximately 90,000 tonnes of batteries from WM Motor's existing fleet of 150,000 new energy vehicles.

Photo credit: CCTE

Liang Mingwu, chairman of CCTE, said CCTE will take "technological innovation" as the core driving force for development, focusing on developing the lithium battery recycling business and ecological environmental protection business.

By joining hands with WM Motor, both parties will inject vitality to the industry’s innovation through launching innovative business models and integrating diversified application scenarios, he added. The duo will leverage their respective financial capital and battery management technologies to jointly promote cooperation in such projects as battery bank.

CCTE is a subsidiary under the state-run China Chengtong Holding Group Co., Ltd. According to Chinese corporate information inquiry platform Tianyancha, CCTE is permitted to operate such businesses as recycling and sale of renewable resources, battery manufacturing, battery sale, energy storage technology service, water and air pollution control, and management of water resources.