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TotalEnergies (Paris: TTE) (LSE: TTE) (NYSE: TTE) and China Three Gorges Corporation (CTG, through its two subsidiaries CTG Capital and CTG Electric Energy) have signed an agreement to establish a joint venture in the field of electromobility in China . This co-owned company will develop high-capacity electric vehicle (EV) charging infrastructure and services in Hubei Province by installing and operating more than 11,000 high-capacity charging points by 2025.
This joint venture will build on TotalEnergies' global expertise in electromobility and CTG's strong expertise in the generation and supply of green energy. The two companies intend to develop jointly operated high power charging hubs and standalone stations that are open to the public and are equipped with 60 kW to 120 kW power charge points and have an average hosting capacity of 20 to 50 vehicles each. The partners will also build dedicated charging stations on B2B customers' premises to meet their needs. Ultimately, in line with the respective ambitions of the partners for CO2 neutrality, the electricity for this new network will mainly be obtained from renewable sources.
The joint venture's growth prospects are supported by China's ambitions to be carbon neutral by 2060. Against the background of a rapidly growing energy demand for mobility, it is expected that the penetration rate of electric vehicles will increase dramatically in the coming years, resulting in a rapid expansion of the existing fast charging network.
“We share common and important visions with China Three Gorges, the ambition to achieve carbon neutrality, the undeniable willingness to promote renewable energies and the enthusiasm for the development of electric mobility,” said Alexis Vovk, President Marketing & Services at TotalEnergies. “Hubei Province is a natural ground to start this cooperation with, as our two companies are based there and contribute to the development of sustainable mobility in China and accompany the ongoing growth of electric vehicles in the country. This partnership with CTG opens new doors to TotalEnergies for a long-term and expanded collaboration with a leading Chinese electrical energy company. “
“We are very proud to work with the world's leading energy company TotalEnergies, as we share the common mission to provide the world with clean energies,” said Dr. Jin Heping, CTG Group's Chief Information Officer, responsible for technology and innovation. “Charging vehicles with new energy is an important part of building new infrastructures. It has a broad development perspective with a strong need for technological iteration of solar energy storage and charging microgrids: By cooperating with TotalEnergies, we want to expand our upstream expertise in clean power generation and power supply to the downstream retail and mobility services business and at the same time create a model for technological innovation in the We look forward to learning from each other and building a long-term relationship with TotalEnergies in other energy sectors in China and around the world. “
CTG Corporation, operator of the Three Gorges Dam, is China's largest clean energy company and the world's largest producer of hydropower. It has developed more than 30 GW of hydro, wind and solar power generation capacity in China and overseas – particularly in Europe – in the past five years. TotalEnergies has had a presence in Wuhan and Hubei Province since 1995, particularly through its network of branded gas stations, its lubricants business and its subsidiary Hutchinson.
With this announcement, TotalEnergies is following its development of electric mobility in major cities worldwide with a large portfolio of electric charging stations that are currently in operation or in the process of being installed: Amsterdam and the surrounding area (22,000), Antwerp (3,000), Paris (2,300), London (1,700) . This is also the second development in Asia in the last few months after the takeover of the largest e-charging network in Singapore (1,500) in July 2021.
TotalEnergies is a diversified energy company that produces and markets energies worldwide: oil and biofuels, natural gas and green gases, renewable energies and electricity. Our 105,000 employees are committed to energy that is increasingly affordable, cleaner, more reliable and accessible to as many people as possible. TotalEnergies is active in more than 130 countries and places sustainable development in all its dimensions at the center of its projects and activities in order to contribute to the well-being of the people.
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About China Three Gorges Corporation
China Three Gorges Project Corporation was established on September 27, 2009. CTG positions itself as a clean energy group focused on the development and operation of large scale hydropower, the development of wind power and solar power among other renewable energies. By the end of 2020, CTG's total installed capacity had reached 140 GW, including capacities already commissioned or under construction and those that are on a minority stake basis. More specifically, renewable clean energy accounts for 94.7% of the total mix. CTG's overseas investment and contract business has expanded to over 40 countries and regions in Europe, America, Africa and Southeast Asia, with a total installed capacity of over 17 GW. The international business has given significant impetus for the sustainable growth of CTG.
This press release, from which no legal consequences can be drawn, is for informational purposes only. The companies in which TotalEnergies SE has a direct or indirect stake are independent legal entities. TotalEnergies SE is not liable for their actions or omissions. The terms “company” or “TotalEnergies-Gesellschaft” relate collectively to TotalEnergies SE and the companies controlled by it directly or indirectly. These terms are used for the purposes of this announcement for the sake of convenience only. Likewise, the words “we”, “us” and “our” can also be used to refer to subsidiaries in general or their employees. This document may contain forward-looking information and statements that are based on a variety of economic data and assumptions made in specific economic, competitive and regulatory environments. They can prove inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assume any obligation to publicly update any forward-looking information or statements, goals or trends contained in this document, whether due to new information, future events or for other reasons.
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SOURCE: TOTALENERGIES SE Copyright Business Wire 2021