(Yicai) June 3 -- Tgood Electric, whose unit Teld New Energy owns and runs China's largest charging pile network, plans to establish a joint venture with Japanese energy firm Eneos in Beijing to build and operate new energy vehicle charging stations.

Tgood and Eneos plan to set up a 50-50 JV with a registered capital of CNY200 million (USD27.6 million), the Qingdao-based firm announced late on May 31, without disclosing the pairs' investment in the venture and its business plan.

Eneos holds more than half of the Japanese fuel oil and lubricants market, Tgood noted. The Tokyo-based company pursues the goal of a carbon-neutral society, building electric vehicles' public charging networks across Japan, it added.

Tgood and Eneos' tie-up aims to tap into the pair's respective resource and technology advantages, the Chinese firm noted. It will explore innovating charging network operation's business model while cooperating on charging stations, new energy micro power grid, and virtual power plants in China, it added.

Tgood ran 523,000 public charging piles as of the end of 2023, providing 9.3 billion kilowatt hours of power that year to rank first in China with about 26 percent market share, according to its annual financial report. Revenue from its charging business was CNY6 billion (USD828 million), accounting for 41 percent of its total.

Shares of Tggos [SHE: 300001] closed up 0.1 percent at CNY21.58 (USD2.9) apiece today, after earlier jumping by as much as 1.2 percent. The broader Shenzhen market rose 0.1 percent.

Editor: Martin Kadiev