According to Car News China, citing a contract signed by the two companies, CATL has acquired a 24.87 per cent stake in Qiyuan Green Power for 2.56 billion yuan (approximately 330 million euros). Qiyuan Green Power, part of China Power, a subsidiary of the state-owned State Power Investment Corporation, is currently considered China’s largest operator of battery-swapping networks for heavy-duty trucks.
Chinese media see the investment as a significant step in CATL’s push into the commercial vehicle energy sector. Car News China writes: “CATL becomes China’s largest heavy-duty truck battery swapping operator after acquiring state-owned network stake.” The transaction values Qiyuan Green Power at around 10.275 billion yuan (approximately 1.3 billion euros), about 120 per cent above its book value. CATL is therefore making a strategic bet on the company’s future growth. Once the transaction is complete, “CATL is expected to become the largest shareholder of the company,” with its nearly 25 per cent stake.
Technically, the deal brings together two different approaches to battery swapping for heavy-duty trucks under the CATL umbrella. Qiyuan Green Power uses a system in which the swappable battery is integrated into the rear structure of the truck. According to Car News China, the solution is ‘known for high compatibility’ and works with more than 80 per cent of existing battery-swapping heavy-duty trucks in China. It is mainly used in closed or semi-public environments such as mines, ports, steelworks and urban construction sites.
