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.
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.
Corporate Investment Relations
Executive Assistant to CEO & Chair of the Board
Director of the Board
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