China’s EV battery king CATL joins with Sinopec to build swapping-station network

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China’s EV battery king CATL joins with Sinopec to build swapping-station network

The company, based in Ningde, in east China’s Fujian province, will partner with oil giant Sinopec Group and smart EV assembler Nio to create a charging network covering the mainland, it said in a filing with the Shenzhen Stock Exchange on Monday.

In addition, the company said Hong Kong and Macau would soon see their first swap stations, which allow owners of compatible EVs to exchange a spent battery pack for a fully charged one in just 100 seconds.

CATL and Sinopec committed to an “extensive and long-term strategic partnership” to build a “battery-swapping ecosystem across the whole nation”, according to the agreement signed early this month. CATL said it aimed to build 30,000 swapping stations, without giving a specific timetable.

“CATL’s efforts to promote battery swapping nationwide, particularly with Sinopec as a partner, will convince more EV makers and drivers of the advantage of using this technology because it is faster and more efficient,” said Davis Zhang, a senior executive at Suzhou Hazardtex, a supplier of specialised batteries. “As more stations are built, an increasing number of new models will adopt swappable batteries to attract car buyers.”

Swapping technology aims to ease range anxiety. At present it takes at least 10 minutes via ultra-fast charging technology to give an EV 400km of driving range. However, BYD has unveiled a charging technology that it claims can provide the same range in just five minutes.

CATL announced an investment in Shanghai-based Nio, the leader in building battery-swap stations, in March. It is in talks to acquire a controlling stake in Nio’s power unit, which runs more than 3,000 swap stations, Reuters reported last week.

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Amjad Ali 3 weeks ago

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