GAC Group, GEM forge green partnership for new energy industry development

Shanghai (Gasgoo)- On November 29, 2023, a significant move in the realm of sustainable energy was marked as GAC Group and GEM Co., Ltd. ("GEM") officially inked a strategic cooperation framework agreement at the GAC Center.

Photo credit: GAC Group

In accordance with the agreement, the collaboration aims to synergize the duo's respective strengths to construct a global new energy full life cycle value chain. This ambitious initiative seeks to efficiently manage the green recycling, resource utilization, and remanufacturing of scrapped new energy vehicles (NEVs), decommissioned power batteries, and their by-products worldwide. The ultimate goal is to pioneer a paradigmatic model for the holistic green development of the global new energy industry, with a specific focus on implementing a worldwide battery passport for comprehensive battery traceability.

Zeng Qinghong, GAC Group's chairman, expressed the company's commitment to accelerating its transition to new energy in recent years. He said the integration of the upstream and downstream sectors of the new energy vehicle (NEV) industry has been a strategic focus. Recognizing the vast market potential in the new energy sector, Chairman Zeng anticipates a bright future for the collaboration, emphasizing mutual complementarity. The partnership is seen as a catalyst for exploring additional collaborative opportunities and achieving mutual success in the foreseeable future.

GAC Group stated this strategic collaboration reinforces its 2⁶ Energy Action Plan, propelling the creation of a vertically integrated new energy industry chain that encompasses "lithium mining,  basic lithium battery raw materials production, battery production, energy storage and electric vehicle charging & battery swapping services, battery leasing, as well as battery recycling and cascaded utilization.

GEM Co., Ltd., listed on both the A-share main board of China and the SIX Swiss Exchange, stands out in green industries such as new energy materials manufacturing and urban mining. As a global leader in power battery recycling and electronics waste reuse, GEM's precursor production capacity ranks among the world's best.