CEE Power Will Infuse USD765,000 Into an NEV Logistics Firm
Dou Shicong
/SOURCE : Yicai
CEE Power Will Infuse USD765,000 Into an NEV Logistics Firm

(Yicai Global) June 27 -- Chinese electrical equipment manufacturer CEE Power Co. [SHE:300062] plans to invest in a new energy vehicle logistics joint venture in east-central Hebei province.

CEE Power will team up with Zhuozhou Jinxiu Dadi E-Commerce Co. to set up a new energy logistics joint venture locally, in which CEE Power will contribute USD765,00 (CNY5.1 million) or 51 percent, while the latter will input CNY4.9 million for 49 percent, the firm announced June 24.

The JV will be responsible for the operation and construction of a new energy electric vehicle rental and charging network project, to provide rental and charging services for pure electric logistics vehicles for Zhuozhou's agricultural and sideline product wholesale market and logistics warehousing base, the announcement states.

CEE Power, based in China's southeastern Fujian province, has been shifting from manufacturing electrical equipment towards the new energy field since 2015, the company said. The electric logistics vehicle project will solve the problem of high pollution from traditional logistics vehicles and realize a low-carbon, energy-saving, sustainable and smart model, which is in line with China's national policy of building green logistics.

The joint venture will serve the Beijing-Tianjin-Hebei region, including the Xiongan New Area, one of the regions with the most promising potential for economic development and most intensive traffic logistics network in China. The collaboration will contribute to the construction of a green and energy-saving new energy logistics economic circle for the region.

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Keywords: CEE Power , Investment