Gree Group helps new energy giants to “land two projects in a row” in Zhuhai High-tech Zone

On April 12, Zhuhai Hi-Tech Zone, Gree Group and a subsidiary of the State Power Investment Corporation signed a project investment cooperation agreement to promote the two major projects, Ronghe Yuanchu South China Intelligent Manufacturing Base (hereinafter referred to as: Ronghe Yuanchu Project) and Qihang New Energy Ship Electrification R&D Center (hereinafter referred to as: Qihang Ship Project), to be implemented in the High-tech Zone's Gree 5.0 new industrial space, enabling Zhuhai to seize the high ground of the new energy industry.

Huang Zhihao, deputy secretary of the Zhuhai Municipal Party Committee and mayor, Wen Hua, member of the municipal government party group and secretary-general, and Liu Gaolu, director of the municipal investment promotion bureau, witnessed the signing ceremony. Han Zhiwei, party secretary and chairman of State Power Investment Group Capital Holding Co., Ltd., Zhang Weidong, party committee member and deputy general manager of State Power Investment Group Capital Holding Co., Ltd., Cai Ning, general manager of China Power Investment Ronghe Financial Leasing Co., Ltd. and China Power Investment Ronghe New Energy Technology Co., Ltd., Zhang Tao, party secretary and deputy general manager of China Power Investment Ronghe Financial Leasing Co., Ltd. and China Power Investment Ronghe New Energy Technology Co., Ltd., Kang Hong, party secretary and chairman of Gree Group, Xue Fei, member of the Party Working Committee and deputy director of the Management Committee of the High-tech Zone, and Chen En, vice president of Gree Group, attended the signing ceremony.

▲Signing ceremony site

As a large-scale state-owned key enterprise directly managed by the central government, SPIC shoulders the important mission of ensuring national energy security. It is the world's largest photovoltaic power generation enterprise, new energy power generation enterprise and clean energy power generation enterprise, and the national new energy chain leader. According to the agreement, Gree Group will participate in the mixed-ownership reform of two new energy enterprises, Shanghai Ronghe Yuanchu Energy Co., Ltd. and Shanghai Qiyuanxin Power Technology Co., Ltd., under SPIC, and work together to promote the efficiency of state-owned capital allocation and operation.

With this signing, SPIC and Gree Group will give full play to their respective resource advantages, innovate and promote the deep integration model of "new energy + green finance", provide long-term, low-cost funds for green and low-carbon project financing, and meet the needs of low leverage, supplementary capital, mergers and acquisitions, mixed ownership reform, etc. for the long-term development of projects. After the mixed ownership reform investment, the two parties will promote the Ronghe Yuanchu project and the Qihang Ship project to land in Zhuhai High-tech Zone, helping green and low-carbon enterprises to smoothly promote long-term development and dual-carbon goals.

As the first energy storage system integrator in the industry to propose intelligent operation and managed operation, Ronghe Yuanchu's main business includes research and development, production and manufacturing of large-scale energy storage system integration products, green electricity transportation vehicle energy products, and energy digitalization products. At the same time, it invests, develops and operates energy storage power stations to provide value-added services for energy storage assets throughout the life cycle. Since its establishment, Ronghe Yuanchu has accumulated an installed capacity of more than 8GW, and its business areas cover scenarios such as thermal power joint frequency regulation, new energy power generation supporting energy storage, user-side energy storage and independent shared energy storage. At present, Ronghe Yuanchu has been selected into the list of global first-tier energy storage manufacturers released by Bloomberg New Energy Finance.

In January 2024, Gree Capital, a subsidiary of Gree Group, and China Merchants Venture Capital and China Merchants Leasing, a subsidiary of China Merchants Group, jointly led the A round of financing for Ronghe Yuanchu, and promoted Ronghe Yuanchu to set up a holding subsidiary Zhuhai Ronghe Yuanchu Energy Co., Ltd. in Zhuhai High-tech Zone through "investment promotion". It also plans to lease about 10,000 square meters of factory buildings in Zone B and Zone C of Gree Innovation Core Valley for investment and construction of the first phase of Ronghe Yuanchu South China Intelligent Manufacturing Base. The project plans to configure an annual production capacity of 2GWh energy storage PACK production line, with an annual production capacity of 5GWh, to produce industrial and civil energy storage products suitable for multiple scenarios such as thermal power joint frequency regulation, supporting energy storage for new energy power generation, user-side energy storage and independent shared energy storage, as well as oil-to-electricity energy products such as green electricity transportation vehicles, ships, and agricultural machinery, and develop, produce and sell special PCS for user-side energy storage, grid-side and power generation-side energy storage. The production capacity is expected to expand to an annual production of 10GWh in the later stage. The project is a key supervision project of the Guangdong Provincial Development and Reform Commission and an industrial pillar project of Zhuhai City. The total investment is about 1.2 billion yuan (150 million yuan in fixed asset investment). It is expected to start production and operation in January 2025. After reaching full production, the annual output value will exceed 3 billion yuan and the annual tax payment will exceed 150 million yuan.

Qiyuan Xin Power is a "unicorn" mixed-ownership enterprise built by the State Power Investment Corporation and held by the team. It focuses on comprehensive smart energy services in the field of "green electric transportation". Its core battery swapping patent technology has deployed more than 100 heavy truck charging and swapping stations in 31 provinces, cities and regions across the country. It is a leading large-scale battery swapping service brand in China. The company's independently researched battery swapping system and station-network interaction key technologies have been approved as a "strategic science and technology innovation cooperation key project" by the Ministry of Science and Technology.

▲Qiyuanxin Power Battery Swap Heavy Truck Project

In December 2023, Gree Capital, a subsidiary of Gree Group, invested in the B round of financing of Qiyuan Core Power and actively promoted the main leaders of State Power Investment Ronghe to visit Zhuhai. Highly recognizing Zhuhai's unique shipping resources and new energy industry accumulation, in December 2023, Qiyuan Core Power, together with China Power Investment Ronghe New Energy Technology Co., Ltd. and Shanghai Ronghe Electric Technology Leasing Co., Ltd., jointly initiated the establishment of Zhuhai Qihang New Energy Technology Co., Ltd. in Zhuhai High-tech Zone. At the same time, it plans to lease 1,588 square meters of office space in Zone E of Gechuang Core Valley. The main business is the sales of new electric ships (integrated general contracting), the transformation of old ships, the integration and sales of power systems, and the integrated construction and after-sales market services of water electric ship energy replenishment equipment. The company will build a management headquarters and a ship electrification R&D center (i.e. the Qihang Ship Project) in Zhuhai. The company is currently in the early stage of preparation and establishment. It is expected to open for operation in June this year. It plans to sell 250 new energy ships within five years, with an estimated revenue of 2.5 billion yuan and a tax contribution of 125 million yuan.

Next, Gree Group will give full play to its advantages as an integrated industrial operator and actively coordinate resources from all parties to ensure that key projects are put into production and achieve results. At the same time, the "combination of investment and attraction + chain investment promotion" will help Zhuhai improve the layout of the new energy storage industry and add new forces to Zhuhai's full-speed creation of a trillion-level modern industrial system.