(Yicai Global) June 15 -- A listed unit of China's GCL Group will invest CNY3.6 billion (USD562.1 million) to establish almost 490 battery swap stations across China to make new energy vehicle charging easier.

More than 60 percent of the stations are for passenger cars in 18 cities in six administrative regions, including Zhejiang, Qinghai, and Guangdong provinces, GCL Energy Technology said in a statement yesterday. The rest of them are for heavy-duty trucks. It will take about eight months to build one station so in total it should take two years to finish the project.

Last March, the green energy firm said that battery swaps should become one of its main businesses as the emerging sector is attracting new faces in addition to carmaker Nio and battery manufacturer Contemporary Amperex Technology.

The Jiangsu province-based company will raise funds to cover the costs. GCL Energy intends to raise CNY5 billion via private placement to support the initiative. Nearly 70 percent of the proceeds will be used for building the stations while CNY1.5 billion will supplement the company's working capital. A further CNY200 million (USD31.2 million) will help the firm create related software.

Each passenger car station requires an investment of about CNY5 million (USD781,120) and should become profitable in a bit more than five years if serving 100 clients a day, according to GCL. Every station can help customers' vehicles run nearly 11.6 million kilometers in total per year.

GCL Energy's stock price [SHE:002015] was 0.3 percent down at CNY8.95 (USD1.40) this afternoon.

Editor: Emmi Laine, Xiao Yi