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On the evening of May 17, Voneng Technology, the first unit of Kechuangban Power Lithium Battery, released the Notice on Voluntary Disclosure of the Progress of Strategic Cooperation and Signing of the Agreement to Establish a Joint Venture. The announcement said that Funeng Technology and Geely Technology signed the Joint Venture Agreement and the Ganzhou Project Joint Venture Agreement on May 17 to establish a joint venture company to build a power lithium battery factory. Funeng Technology Notice

It is understood that the registered capital of the joint venture of both parties is 1 billion yuan, Geely Technology subscribed 650 million yuan in currency, and Funeng Technology subscribed 350 million yuan in currency. The joint venture will be committed to the production construction of power lithium batteries, including the R&D, manufacturing and sales of battery cells, battery modules and battery packs.

After the establishment of the joint venture, it will gradually invest in the construction of a new energy battery production base according to the production demand of Funeng Technology. In 2021, the production line with an annual output of no less than 20Gwh will be started (including the 12Gwh power lithium battery project invested by both parties in Ganzhou City).

Lithium Power Grid noted that on March 13 before the signing of this agreement, Geely Technology signed an investment cooperation agreement on power lithium battery with Ganzhou Economic and Technological Development Zone. Geely Technology will plan to build a power lithium battery project with an annual output of 42GWh in Ganzhou Development Zone, with a total investment of 30 billion yuan.

Among them, the annual output of the first phase of the project is 12GWh, the planned investment is 8.5 billion yuan (fixed asset investment is 4.5 billion yuan), and the land area is 500 mu; The subsequent 30GWh project is planned to invest 21.5 billion yuan (11.5 billion yuan in fixed assets), with a land area of 1000 mu. At that time, Wang Yu, Chairman of Funeng Technology, also attended the event.

Industry insiders believe that the establishment of a joint venture between the two sides is also related to the implementation of Geely Technology Ganzhou Power Lithium Battery Project.

Geely and Funeng New Technology

The cooperation between Geely and Funeng may start on December 24, 2020. At that time, Funeng Technology announced the joint venture with Geely Technology to build a power lithium battery factory. The notice pointed out that, according to the agreement, both parties jointly promote the construction of power lithium battery production. It is expected that the joint venture and the company will achieve a total output of 120GWh, of which the construction will start in 2021 at least 20GWh.

In terms of business arrangement of the joint venture, the circular said that Funeng Technology was responsible for the technology, R&D and sales of the joint venture; The capital of the joint venture company is financed by the joint venture company in a market-oriented way, and Geely Technology is responsible for assisting in raising funds.

In addition, the notice also mentioned that Geely Technology, its holding subsidiaries and Geely Commercial Vehicle Group promised to give priority to the purchase of lithium battery batteries produced by Funeng Technology or joint ventures under the same conditions, with the annual purchase volume not less than 80% of its demand, and the purchase price not higher than the market price of similar products; Funeng Technology promises to give priority to the procurement needs of Geely Technology, its holding subsidiaries and Geely Commercial Vehicle Group under the same conditions.

It is worth noting that there is also an exclusive agreement in the cooperation: "After this agreement comes into force, unless one party commits a serious breach of contract, the other party shall not enter into cooperation with a third party other than the other party in the same or similar way as agreed in this agreement on the expansion of power lithium battery production."

By January 28, 2021, Geely had invested in Funeng Technology. At that time, the enterprise investigation data showed that Shenzhen Anyan Investment Partnership, the second largest shareholder of Funeng Technology, introduced a new shareholder, Chongqing Jianghehui. Chongqing Jianghehui is completely controlled by 100% capital of Geely Technology Group.

In other words, Geely has indirectly invested in lithium ion battery manufacturer Funeng Technology through a series of capital paths, and has quietly become an important shareholder. Some media pointed out that Geely has indirectly held 2.55% of the equity of Funeng Technology through layer upon layer equity design.

Geely has invested 30 billion yuan in Geely Technology, planned to build a power lithium battery project with an annual output of 42GWh in Ganzhou Development Zone, and the latest joint venture company, all of which reflect the deepening cooperation between Geely and Funeng Technology!

Geely not only cooperates with Funeng Technology

Before cooperating with Funeng Technology, Geely has deeply set foot in the battery industry. There are successes and failures.

In 2013, Geely's wholly-owned subsidiary, Weirui Electric Vehicle Technology (Suzhou) Co., Ltd., was established. Its main business includes manufacturing, research and development, and sales of lithium battery power system for electric vehicle drive system, electronic control, motor and system integration;

In 2014, Geely indirectly acquired shares in two power lithium battery plants through the acquisition of Hongqiao Group's equity to develop battery production business;

In 2017, Geely set up Weirui Electric Vehicle Technology (Ningbo) Co., Ltd. to supply battery packs for Geely's brands;

In 2018, Geely set up Hubei Geely Hengyuan New Energy Technology Co., Ltd. in Wuhan with a capital injection of 50 million yuan from its subsidiaries.

At the same time, Geely has also deeply bound itself with leading power lithium battery companies through a series of acquisitions, joint ventures and cooperation:

In 2017, Geely acquired the right to use all production equipment and manufacturing technology intellectual property rights of LG Chemical Nanjing Factory, and LG Chemical helped Geely's high-end brands (including Volvo) upgrade battery technology;

In 2018, Zhejiang Jirun Automobile and Ningde Times, a subsidiary of Geely, announced that they would establish a joint venture to engage in the research, development, manufacturing and sales of battery cells, battery modules and battery packs, so as to enhance their core competitiveness and sustainable development capabilities in their respective fields. The registered capital of the joint venture is 1 billion yuan, which is contributed by both parties in cash, of which 51% is held by Ningde Times and 49% by Zhejiang Jirun.

In the field of battery recycling, Geely indirectly controls Sunshine Mingdao Energy Technology Co., Ltd., and also jointly establishes Fujian Evergreen with Shanshan Co., Ltd. and Zijin Mining. The business scope of the two companies respectively involves battery recycling, battery leasing, etc

Of course, Qianjiang Lithium, in which Geely indirectly holds about 19.85% of the shares, also appeared in the cooperation. At present, Qianjiang Lithium has two pieces of bankruptcy reorganization information.

Geely's New Energy Planning

In fact, Geely's electric transformation has come slowly.

Geely Automobile, listed in Hong Kong, released its April sales data on May 10. The announcement shows that the total sales volume of Geely Automobile in April 2021 will be 100300, but only 3787 of them will be new energy vehicles, accounting for only 3.77% of the total vehicle sales. Geely Automobile Notice

To accelerate the process of electrification, Geely launched the "Two Blue Geely Actions" plan.

Among them, on the one hand, it focuses on energy saving and new energy vehicles, including hybrid electric vehicles, plug-in hybrid electric vehicles, plug-in hybrid electric vehicles, and small displacement energy-saving vehicles; On the other hand, a new pure electric vehicle company, "Polar Krypton", was established to participate in the market competition of intelligent pure electric vehicles.

With the implementation of the plan, Geely has formed such automobile brands around the world as Lutes, Volvo, Jixing, Smart, LEVC, LinkedIn, Geely, Geometric, Proton, Maple Leaf, Remote and other electric vehicles oriented to different market segments.

In addition to making its own cars, Geely has joined hands with Baidu, Foxconn, FF and other companies to jointly develop the electrification business this year. Among them, the cooperation between Geely and Baidu will be based on Geely's newly developed SEA vast architecture, which will be open to Baidu. The cooperation between Geely and Foxconn is further. In addition to the whole vehicle or parts, it also includes the intelligent control system, the automobile ecosystem and the whole process of the whole industrial chain of electric vehicles.

As early as 2015, Geely set up a five-year plan. At that time, Geely said that by 2020, the sales of new energy vehicles will account for more than 90% of Geely's overall sales; Among them, the sales of plug-in hybrid and oil electric hybrid vehicles accounted for 65%, and the sales of pure electric vehicles accounted for 35%.

Now, Geely's plan is still a plan. How fast will Geely's electrification go when it makes a big push into the new energy industry chain? How long will it take to realize the five-year plan proposed five years ago?

The answer will be revealed later!

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