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TotalEnergies Joins Forces with China Three Gorges Corporation to Develop More than 11,000 High Power Charge Points for Electric Vehicles in Wuhan and Hubei Province
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
TotalEnergies (TTE) and China Three Gorges Corporation (CTG) have established a Joint Venture in electric mobility in China, focusing on developing over 11,000 high power EV charging points in Hubei Province by 2025. The equally owned venture aims to leverage TTE's expertise in electric mobility and CTG's capabilities in green energy. The project addresses China's goal of achieving carbon neutrality by 2060, aligning with the growing demand for electric vehicle infrastructure. The electricity powering the network will primarily come from renewable sources.
Positive
Formation of a Joint Venture with CTG for EV charging infrastructure in Hubei, China.
Development of over 11,000 high power charging points by 2025.
Partnership aligns with China's ambitions for carbon neutrality by 2060.
Electricity used will be sourced primarily from renewable energy.
Negative
None.
PARIS & WUHAN, China--(BUSINESS WIRE)--
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and China Three Gorges Corporation (CTG, through its two affiliates CTG Capital and CTG Electric Energy) have signed an agreement to establish a Joint Venture in electric mobility in China. This equally owned company will develop Electric Vehicle (EV) high power charging infrastructure and services within the Hubei Province, through the installation and operation of more than 11,000 high power charge points by 2025.
This JV will build on TotalEnergies’ worldwide expertise in electric mobility and CTG strong capability in green energy production and supply. The two companies intend to develop co-branded high power charging hubs and standalone stations, open to the general public, equipped with 60 kW to 120 kW power charge points and with an average hosting capacity ranging between 20 to 50 vehicles each. The partners will also build dedicated charging stations on the premises of B2B customers, to meet their needs. Finally, in line with the partners’ respective ambitions to carbon neutrality, the electricity used to power this new network will be produced mostly from renewable sources.
The JV’s growth perspectives are supported by China’s ambition to be carbon net neutral by 2060. In a context of a fast-growing energy demand for mobility, the EV penetration rate is expected to increase dramatically over the coming years, requiring a rapid expansion of the existing fast-charging network.
“We share common and important visions with China Three Gorges the ambition to reach carbon neutrality, the undeniable willingness to push for renewable power and the enthusiasm to develop electric mobility,” declaredAlexis Vovk, President Marketing & Services at TotalEnergies. “Hubei province is a natural ground to launch this cooperation, as both our companies are established there, and to contribute to the development of sustainable mobility in China and to accompany the ongoing growth of Electric Vehicles in the country. This partnership with CTG opens new doors to TotalEnergies for a long term and widened cooperation with a leader of China’s electric energy.”
“We are very proud to work with the world leading energy group, TotalEnergies, as we share the common mission of providing clean energies to the world,” said Dr Jin Heping, Chief Information Officer of CTG Group, responsible for Technology and Innovation. “New energy vehicles’ charging is an important part of new infrastructures’ construction. It has a broad development prospect, with a strong demand for technological iteration. There is such demand for technological innovation in the fields of big data platforms, equipment system integration and solar energy storage and charging microgrids. Through the cooperation with TotalEnergies, we would like to extend our upstream expertise in clean power generation and power supply to the downstream retail and mobility services business, while creating at the same time a model of technological innovation in the field of new energy vehicle charging. We are looking forward to learn from each other, and to establish a long-term relationship with TotalEnergies in other energy sectors in China and worldwide.”
CTG Corporation, operator of the Three Gorges Dam, is China’s largest clean energy corporation and the world largest hydro-power producer. It has developed more than 30 GW of hydro, wind and solar power generation capacities in China and overseas – namely in Europe – over the past five years. TotalEnergies has been present in Wuhan and in Hubei province since 1995, notably through its network of branded fuel service-stations, its lubricant business and its affiliate Hutchinson.
With this announcement, TotalEnergies pursues its development in electric mobility in major cities throughout the world, with a large portfolio of EV charge points currently in operation or in the process of being installed: Amsterdam and its region (22,000), Antwerp (3,000), Paris (2,300), London (1,700). This is also the second development in Asia in recent months, following the acquisition of Singapore largest EV charge network (1,500) in July 2021.
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About TotalEnergies
TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
China Three Gorges Project Corporation was founded on September 27, 2009. CTG positions itself as a clean energy group focusing on large-scale hydropower development and operation, development of wind power and solar energy among other renewable energies. By the end of 2020, CTG's total installed capacity had reached 140 GW, including already commissioned or under construction capacities and those owned on a minority-equity basis. More specifically, renewable clean energy accounts for 94.7% of the total mix. CTG's overseas investment and contracting business has expanded to over 40 countries and regions in Europe, America, Africa and Southeast Asia, with a total installed capacity over 17 GW. Overseas business has offered a major impetus for the sustainable growth of CTG.
Cautionary Note
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TotalEnergies SE directly or indirectly owns investments are separate legal entities. TotalEnergies SE has no liability for their acts or omissions. The terms “Company” or “TotalEnergies company” refer collectively to the company TotalEnergies SE and the companies it controls directly or indirectly. Such terms are used solely for the sake of convenience for purposes of the present communication. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
What is the new joint venture between TotalEnergies and CTG?
TotalEnergies and China Three Gorges Corporation (CTG) have formed a Joint Venture aimed at developing electric vehicle charging infrastructure in Hubei Province, China.
How many charging points will the new joint venture install?
The joint venture plans to install over 11,000 high power charging points by 2025.
What is the significance of this joint venture for TotalEnergies (TTE)?
This joint venture enhances TotalEnergies' footprint in the electric mobility sector and aligns with global sustainability goals.
How does this venture align with China's carbon neutrality goals?
The venture supports China's aim for carbon neutrality by 2060 by developing EV infrastructure powered largely by renewable energy.
