(Yicia Global) Aug. 25 -- Nanjing Public Utilities Development Co.'s (NPUD) [SHE:000421] two subsidiaries will work with Nanjing Public Transportation (Group) Co. (NPT) to set up a joint venture engaging in the investment, construction and operation of complementary charging facilities in Nanjing, capital of East China's Jiangsu province.
Nanjing Nengwang New Energy Technology Development Co. (NNNETD), in which NPUD holds a 51 percent stake, Nanjing China Resources Gas Co. (NCRG), in which NPUD retains a 19.6 percent stake, and NPT that provides public transport services in Nanjing will jointly establish an affiliate to conduct the charging facility business, the listed company said yesterday.
NCRG, NPT and NNNETD will hold a stake of 59 percent, 21 percent and 20 percent, respectively, in the joint venture. NPT will buy and upgrade 5,000 pure electric buses and phase out some of its existing diesel and liquefied natural gas (LNG) buses by 2020 under a plan by the Nanjing municipal government.
Against this backdrop, the establishment of the joint venture will help NNNETD roll out its charging pile business as quickly as possible, expand its business scale and enjoy substantial room for growth, the company said.