Shanghai (ZXZC)- On November 23, 2023, UPOWER Energy Technology (Guangzhou) Co., Ltd. ("UPOWER Energy"), a wholly-owned subsidiary of GAC Group, and Southern Power Grid Peak and Frequency Regulation (Guangdong) Energy Storage Technology Co., Ltd. ("CSG Energy Storage Technology"), a wholly-owned subsidiary of China Southern Power Grid Energy Storage Co., Ltd., held a ceremony to form a strategic cooperation, according to a post on GAC Group's WeChat account.

Photo credit: GAC Group

This agreement is a joint effort by the two entities to align with the national "carbon emissions peak and neutrality" strategy and implement practical actions outlined in China's National Development and Reform Commission's "14th Five-Year Plan for the Development of New Energy Storage", said GAC Group.

The collaboration will leverages the distinctive features and strengths of each party's industry chain layout, actively promoting resource integration through mutual empowerment in "power grid" and "vehicle network." The focus is on exploring areas such as battery banks, battery swapping stations, virtual power plants, and battery recycling for further cooperation in multiple scenarios. The shared goal is to achieve technological advancements and innovation, significantly enhancing business scale, operational quality, and service convenience.

UPOWER Energy remains committed to implementing GAC Group's "2⁶ Energy Action," accelerating the construction of a vertically integrated new energy industry chain. This chain spans lithium mining, basic lithium battery raw materials production, battery production, energy storage, electric vehicle charging, battery swapping services, battery leasing, battery recycling, and cascaded utilization. With a continuous focus on "power + battery," UPOWER Energy aims to establish a light storage charging and swapping energy supply network and a battery recycling ecological system. This initiative is designed to provide efficient, green, and low-carbon energy replenishment services for new energy vehicles.