Greater Bay Technology to build joint venture with BIT-backed firm for fast-charging battery R&D

Shanghai (Gasgoo)- Greater Bay Technology (“GBT”), a supercharging technology developer incubated by GAC Group, and Guangdong Huafeng New Energy Technology Co., Ltd. (“HFCC”) intend to set up a joint venture that focuses on the R&D and production of fast-charging batteries and the new-generation energy storage devices and systems, HFCC announced on June 16.

The joint venture will involve a registered capital of 60 million yuan ($8.957 million), which is 30/70 contributed by HFCC and GBT respectively, according to the announcement.

Through the joint venture, both parties will co-work on the R&D of ultra-fast charging batteries and new-generation ground-breaking energy storage devices and systems by leveraging GBT’s existing XFC (eXtreme Fast Charging) technology and HFCC’s technological advantages in new energy vehicle (“NEV”) core components of battery, electric motor, and electric control system.

Photo credit: GBT

Founded in Sept. 2020, GBT is the first high-tech company incubated by GAC Group with private investors taking the controlling stake. It is dedicated to the R&D, production, and sales of XFC batteries, and next-generation high-performance energy storage devices and compatible systems.

HFCC said its wholly-owned subsidiary, BIT HuaChuang Electric Vehicle Technology Co., Ltd. (“BIT HuaChuang”), is backed by Beijing Institute of Technology National Engineering Research Center of Electric Vehicles. It is dedicated to researching and promoting the commercialization of NEV-related core technologies, and providing NEV manufacturers with mature and reliable solutions and technical support of electric control and drive systems.

Based on the cooperation, BIT HuaChuang will use the XFC technology in its intelligent-connected vehicle power platform with priority, and integrate its existing electric drive system with the platform to form a more advanced automotive power platform.