CF Energy Expands Electric Vehicle (EV) BatterySwap Services in Haikou and Zhuhai – GlobeNewswire


TORONTO, Sept. 15, 2020 (GLOBE NEWSWIRE) — CF Energy Corp. (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group”), a leading new energy service provider in the People’s Republic of China (the ”PRC” or “China”) is pleased to announce that the Company and EDF (China) Holding Ltd. (“EDF (China)”), a wholly owned subsidiary of the EDF Group, have signed an 8 year exclusive co-operating agreement with BAIC Qingxiang Technology Co., Ltd. (“BAIC QX”) and Blue Valley Smart (Beijing) Energy Technology Co., Ltd. (“Blue Valley”) (collectively the “JV Partners”) to provide Electric Vehicle (“EV”) battery swap services in the city of Haikou, capital of Hainan Province. On the same day, a memorandum of understanding was also signed among the Company, EDF (China) and Blue Valley (collectively the “MOU Parties”) to jointly develop the battery swap project in Zhuhai City, Guangdong Province.    

Faced with growing demand for EV Battery Swap services in both Haikou and Zhuhai in 2020 and to tap into these markets, the JV Partners and the MOU Parties would like to jointly pursue the opportunities created in the respective markets in line with the co-operation mode applied to the EV battery swap services project currently operating in Sanya. For the development of the EV project in Zhuhai, the MOU Parties include Blue Valley as a new equity investment partner to jointly develop the EV battery swap electrical mobility service market in Zhuhai.

About EDF Group
A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower and new renewable energies. The Group is involved in supplying energy and services to approximately 38.9 million customers, of which 26.2 million in France. The Group generated consolidated sales of EUR71.3 billion in 2019. EDF is listed on the Paris Stock Exchange.

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About BAIC Qingxiang Technology Co., Ltd
Founded in September 2010, BAIC Motor is the platform of Beijing Automotive Group Co., Ltd (BAIC Group) for complete passenger car resource integration and business development, and is one of enterprises to which the Beijing municipal government offers focused support. BAIC Motor completed its IPO of H Shares on 19 December 2014 and went public in the Main Board of the Stock Exchange of Hong Kong Limited (SEHK) (H Shares name: BAIC Motor; H Shares Code: 1958).

BAIC Motor has a diverse range of business sectors, from R&D, manufacturing, sales and after-sales service for passenger cars, production of passenger car core components, automotive finance, to other related businesses. BAIC Motor is also the leading company for the pure electric passenger car business in China. BAIC Qingxiang is a subsidiary of the BAIC group that focuses on EV car rentals and related technology development in the PRC.

About Blue Valley Smart (Beijing) Energy Technology Co., Ltd
Blue Valley Smart (Beijing) Energy Technology Co., Ltd is a subsidiary of the BAIC group that supports the equipment and maintenance of the EV battery swap stations used to service BAIC Qingxiang’s EV fleets.

About CF Energy Corp. (Previously known as: Changfeng Energy Inc.)
CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange (“TSX-V”) under the stock symbol “CFY”. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC. In 2009, CF Energy was recognized as being one of China’s the Top Ten Most Influential Brands in the Natural Gas Industry and in 2019, ranked amongst the 2019 TSX Venture 50 top performers on the TSXV for the 2018 year.

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CONTACT INFORMATION

Corporate Investment Relations
Investor.relations@changfengenergy.cn

Charles Wang
Executive Assistant to CEO & Chair of the Board
Zhaoyu.wang@changfengenergy.cn

Frederick Wong
Director of the Board
fred.wong@changfengenergy.cn

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, included or incorporated by reference in this document are Forward-Looking Statements, including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future. These Forward-Looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof. No assurance can be given that the plans, intentions or expectations or assumptions upon which these Forward-Looking Statements are based will prove to be correct and such Forward-Looking Statements included in this news release should not be unduly relied upon.

Although management believes that the expectations represented in such Forward-Looking Statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such Forward-Looking Statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such Forward-Looking Statements. These factors include, without limitation, no significant and continuing adverse changes in general economic conditions or conditions in the financial markets. Readers are cautioned that all Forward-Looking Statements involve risks and uncertainties, including those risks and uncertainties detailed in the Corporation’s filings with applicable Canadian securities regulatory authorities, copies of which are available at www.sedar.com. The Company urges readers to carefully consider those factors.

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The Forward-Looking Statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 



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