Shanghai (ZXZC)- A joint technology venture among CATL, Hello Chuxing and Ant Financial was officially established in Ningde, a prefecture-level city located along the northeastern coast of Fujian, China. 

The battery maker, fintech firm and Alibaba-backed mobility service start-up announced in June they would invest RMB1 billion to establish a joint venture focusing on offering battery swapping services to two-wheeled EVs.

(Photo source: Hello Chuxing)

Yang Lei, co-founder and CEO of Hello Chuxing, took over CEO of the joint venture. He said the joint venture would integrate the advantages in users, product R&D, technology and channel operation from three parent companies to popularize fundamental energy network for two-wheeled EVs and extend Ningde city’s lithium new energy industry to the two-wheelers. 

Hello Chuxing said nearly 300 million two-wheeled EVs currently hitting the road have generated an average demand of 700 rides per day. Inspired by the huge needs, it hopes that the battery charging service would be replaced by battery swapping after the energy network for two-wheeled EVs has been constructed.

It is expected that 1 million consumers can be served with the vehicles equipped with standardized batteries produced by the joint venture. Besides, the city’s 30-sq.km area beyond the downtown core is supposed to be blanketed with battery swapping stations & vehicles as well.

(Photo source: CATL)

In addition, the mobility platform intends to drive Ningde’s traffic management and build a green mobility city via the application of such intelligent products as electronic enclosure, Bluetooth-enabled spike and digital operation & maintenance.

Earlier, Hello Chuxing signed a strategic cooperation agreement with Shenzhen BAK Battery on mobility industry, planning to procure cells from the battery manufacturer.