BEIJING, April 7, 2025 -- China Petroleum & Chemical Corporation ("Sinopec", HKG: 0386), one of China's largest integrated energy and chemical companies, and CATL (Contemporary Amperex Technology Co., Limited), the global leader in new energy innovative technologies, signed an industry and capital cooperation framework agreement in Beijing. The partnership aims to establish a nationwide battery swap network, setting a new benchmark for green infrastructure in China.
Under the agreement, the two industry giants will leverage their respective strengths to accelerate the development of battery swap ecosystems and standardize operations. This year, the collaboration targets the construction of no fewer than 500 battery swap stations, with a long-term goal of 10,000 stations, creating a seamless "swap-as-fast-as-refueling" experience for electric vehicle (EV) owners in China. The initiative aligns with China's national strategy to promote new infrastructure and low-carbon transportation.
Ma Yongsheng, Chairman of Sinopec, emphasized the strategic significance of the partnership: "This collaboration marks another milestone in Sinopec's commitment to energy revolution and green development. By combining our energy supply capabilities, nationwide network, and customer service expertise with CATL's cutting-edge technology, we aim to build a comprehensive energy infrastructure that powers a better life."
Dr. Robin Zeng, Chairman and CEO of CATL, highlighted the transformative potential of the initiative: "A robust energy replenishment network is critical to the widespread adoption of EVs. Through this partnership, we will elevate the battery swap model to new heights, injecting fresh momentum into sustainable development."
Sinopec brings its extensive network of 30,000 integrated energy stations in the country, 28,000 Easy Joy convenience stores, and over 10,000 ultra-fast charging stations, serving 200 million customers daily. CATL, as the world's top EV battery manufacturer, has partnered with leading automakers, including Changan, GAC Aion, BAIC, SAIC, Hongqi, NIO, and major truck producers like Sinotruk and Foton, to roll out a diverse lineup of battery-swappable passenger and commercial vehicles.
The partnership strengthens Sinopec and CATL's ongoing work in energy stations, storage, and advanced materials. The collaboration will build smart energy microgrids, featuring solar power, energy storage, charging, swapping, and battery inspection. Moving forward, the two companies will explore broader synergies in zero-carbon solutions, vehicle ecosystems, and battery materials. Capital and equity partnerships will also be pursued to foster innovation and accelerate the development of new productive forces.
SOURCE SINOPEC
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