(Yicai Global) Dec. 29 -- A Chinese arm of British oil and gas company Shell has bought an 80 percent stake in a unit of China's BYD which operates electric vehicle charging stations.
Shell China has become the biggest equity holder of BYD Electrically-Powered Automotive Investment, according to enterprise information platform Qichacha.Com. BYD Auto Industry has the remaining 20 percent stake in the Shenzhen-based subsidiary.
Founded in June 2014, BYD Electrically-Powered Automotive builds and operates electric vehicle charging facilities.
The partnership was expected as in March, BYD penned a global agreement with the London-headquartered energy company to cooperate on electric vehicle charging, first in China and Europe.
Shell and BYD plan to set up a joint venture to develop a new energy vehicle charging network in China. The JV is expected to operate more than 10,000 charging piles in Shenzhen and after that, expand to other cities.
Editor: Emmi Laine, Xiao YI