GAC Energy, bp China sign MoU to cooperate on energy supply services

Shanghai (Gasgoo)- GAC Energy, a subsidiary of GAC Group, on Mar. 21 signed a strategic cooperation memorandum of understanding (MoU) with bp China, the China branch of the British energy mogul bp, according to a post on GAC Group’s WeChat account.

Under the MoU, both parties will actively explore the field of the energy replenishment network that involves photovoltaic (PV), energy storage, electric vehicle (EV) charging, and battery swapping, and jointly create market-leading high-end energy supply services to provide car owners across China with better charging experiences.

Photo credit: GAC Group

In addition, the duo will promote their cooperative project with Guangzhou as the first pilot city, and then gradually expand business to other cities in China and overseas in the future.

GAC Group has been stepping up the investment in its new energy vehicle (NEV) and intelligent-connected vehicle (ICV) businesses. On Feb. 21, the Guangzhou-based auto group announced the plan to set up a special fund for the development of intelligent connected new energy vehicle industry with a scale of 30 billion yuan. The fund will focus on the investment in the projects along the ICV industrial chain and other key projects incubated by GAC Group to be publicly listed.