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Potevio links energy plans with city

CHINA Potevio Co Ltd, a leading domestic IT equipment manufacturer and service provider, today formed a strategic alliance with the Shanghai Municipal government to boost the development of new energy industries.

According to the strategic cooperation agreement signed today, China Potevio will set up a new energy base in its Shanghai unit, focusing on the production of power batteries and the development of lithium iron phosphate materials for use in new energy vehicles.

Both parties also pledged to work together on the construction of infrastructure, information services and industrial investment.

State-owned China Potevio, whose main business covers manufacturing and trading telecom products, relevant technical research and services, has been working to become a leading manufacturer and service provider for new energy applications.

The Beijing-based giant has set up a new energy division focusing on several core industrial segments such as power batteries.

It plans to invest between 5 billion (US$733 million) and 8 billion yuan on new energy industries over the next three to five years, aiming at more than 10 billion yuan in returns by then.

China Potevio said it would also work with local firms, providing battery leasing and management systems for battery charging stations as it actively takes part in the 2010 Shanghai World Expo.

By extending its cooperation with industrial companies like China Potevio, Shanghai will also be able to accelerate the development of new energy vehicles, which include gasoline-battery- powered hybrids, for both energy efficiency and environmental protection.

SAIC Motor Corp, China's largest car maker and the major auto group in Shanghai, earlier said it would launch a series of hybrid and electric vehicles by 2012. Its investment in new energy vehicles will increase to 6 billion yuan (US$877 million).

The agreement was signed today with Ai Baojun, Shanghai's deputy mayor and Xing Wei, Potevio's president, attending.


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