(Yicai Global) July 29 -- Real estate giant China Evergrande Group has expanded its newly found interest in new energy vehicle investment to charging services.
Evergrande and State Grid Corp. of China penned an agreement to form a 50-50 joint venture to provide intelligent charging service in parking lots adjacent to residential areas, the pair said in a joint statement yesterday. The JV will build charging piles that allow cars to charge during cheaper off-peak hours and sell any excess back to the grid at a higher price later.
The JV inked cooperation agreements with four leading realtors, including the Shenzhen-based parent, Country Garden, China Vanke, and Sunac China Holdings. The projects of these four cover 8.7 million households in China, public data show.
Evergrande Health, an affiliate of China Evergrande Group, started making inroads into NEV business last year. It has bought majority stakes in the National Electric Vehicle Sweden, the owner of Saab brand, Shanghai's Cenat New Energy battery maker, and China's TeT Drive Technology, which owns e-Traction, a Netherlands-headquartered in-wheel motor maker. Earlier this month, the firm agreed with Germany's Hofer to set up an electric powertrain systems JV in Stuttgart.
Editor: Emmi Laine