Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or
“Kandi”) announced today that it entered into a strategic agreement
with the Zhejiang State Grid Electric Vehicle Service Company to
cooperate in the area of battery exchange for pure electric
vehicles.
Vital to China’s national economy and energy security, State
Grid Corporation of China (“State Grid”) is the largest state-owned
public service enterprise in the world, ranking first among China's
top 500 enterprises and second in the Fortune 500. State Grid
is dedicated to implementing national policy by fully utilizing its
advantages in technology, capital and human resources to construct
a charging infrastructure in China that will help to accelerate the
development of China's electric vehicle industry.
In order to improve the professional management and services at
charging facilities, State Grid Corporation of China and State Grid
Zhejiang Electric Power Company combined efforts to establish the
Zhejiang State Grid Electric Vehicle Service Company in 2017.
The scope of business spanned: new energy technology, electronic
technology, testing technology, energy saving and environmental
protection technology, new energy vehicles, electronic products
research and development, technical consultation, technical
services, as well as construction, operation, and maintenance
services for electric vehicle charging and battery exchange.
To further promote innovation and development in the battery
exchange business, Kandi established a wholly owned subsidiary,
China Battery Exchange Technology Company, to specialize in the
construction and operation of battery exchange networks for new
energy vehicles.
The strategic cooperation agreement establishes that Kandi and
Zhejiang State Grid Electric Vehicle Service Company will together
promote the application and development of China’s new energy
vehicles, intensifying model innovation and enhancing core
competitiveness, with a focus on vehicle-battery separation and
exchange. The cooperation agreement helps to implement
China’s national energy transformation and new energy vehicle
development strategy.
More specifically, the agreement entails:
The two parties will cooperate extensively across the whole
supply chain for electric vehicle-battery exchange. This
in-depth collaboration will include the following elements:
centralized constant temperature battery charging, distribution,
maintenance, battery recycling, construction and operation of power
exchange networks, power exchange services to meet energy demand,
grid auxiliary services, flexible control of power load exchange,
as well as other value-added services for power exchange
stations.
Kandi intends to supply 300,000 electric vehicles to various
ride-sharing programs, and the two parties will cooperate to offer
battery exchange services for these 300,000 vehicles over the next
five years. The two parties may expand into new areas of
cooperation based on the progress in this collaboration.
Kandi Chairman and Chief Executive Officer Hu Xiaoming
commented, “Strategic cooperation with Zhejiang State Grid in the
field of battery exchange is a major milestone for Kandi. We
will start with battery exchange services for 300,000 compliant
vehicles in rideshare programs within a five-year period. This will
play a critical role in future collaboration. Launch of this
program will play a critical role by driving rapid development of
Kandi’s business.”
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua
Economic Development Zone, Zhejiang Province, is engaged in the
research, development, manufacturing, and sales of various
vehicular products. Kandi conducts its primary business operations
through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co.,
Ltd. ("Kandi Vehicles") and its subsidiaries including Zhejiang
Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC
(d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the
United States and Fengsheng Automobile Technology Group Co., Ltd
(formerly known as Kandi Electric Vehicles Group Co., Ltd., the
“Affiliate Company”). Kandi Vehicles has established itself as one
of China's leading manufacturers of pure electric vehicle parts and
off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading
automaker, jointly invested in the establishment of the Affiliate
Company in order to develop, manufacture and sell pure electric
vehicle ("EV") products. Geely Group (including its affiliate) and
Kandi Vehicles currently holds 78% and 22% of the equity interests
in the Affiliate Company, respectively. The Affiliate Company has
established itself as one of the driving forces in the development
and the manufacturing of pure EV products in China.
More information about KNDI is available on the Company's
corporate website at http://www.kandivehicle.com. The Company
routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc.
Ms. Kewa Luo +1 (212) 551-3610 IR@kandigroup.com
The Blueshirt Group
Mr. Gary Dvorchak, CFA +1 (323) 240-5796
gary@blueshirtgroup.com
Ms. Susie Wang susie@blueshirtgroup.com
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