After the joint construction of the power battery factory, Geely has invested in Funeng Technology

On January 28, the change in the business information of the enterprise search APP showed that the second largest shareholder of Funeng Technology, which accounted for 19.1% of Shenzhen Anyan Investment Partnership, had a business change and introduced a new shareholder, Chongqing Jianghehui. The other is completely controlled by 100% of the capital of Geely Technology Group. In other words, Geely has connected Funeng Technology through a series of capital paths.

According to Battery China.com, the legal representative of Chongqing Jianghehui is Xu Zhihao, who is the head of Geely Technology Group. The 100% controlling shareholder of Jianghehui is Geely Maijie, behind which is still Geely Technology Group. It is not difficult to see that Geely has at least indirectly held about 2.55% of Funeng Technology’s equity in a listed company through layered equity design. [13.33% (proportion in Anyan) x 19.1% (Anyan accounted for Funeng) u003d 2.546%. 】

In fact, Geely’s stake in Funeng Technology is not without signs. Just last month, on December 24 last year, Funeng Technology issued an announcement stating that the company and Geely signed a 'strategic cooperation agreementAccording to the agreement, the total production capacity of the joint venture and Funeng Technology is expected to reach 120GWh, of which no less than 20GWh will be started in 2021.

According to the agreement, Geely Technology and its controlled subsidiaries, Geely Commercial Vehicle Group will give priority to purchasing power batteries produced by Funeng Technology or joint ventures under the same conditions, and the annual purchases of the above entities shall not be less than the demand. 80% of the purchase price is not higher than the market price. Funeng Technology will give priority to meeting the procurement needs of the above-mentioned procurement entities under the same conditions. At the same time, the two parties also signed an exclusive agreement on the construction of power battery capacity cooperation.

In recent years, traditional automakers such as BYD, Great Wall, BAIC, GAC, SAIC, Changan, Dongfeng, and FAW have accelerated their electrification, as well as new forces such as Weilai, Xiaopeng, Ideal, and Weimar. Geely, which is in the traditional camp, is under great pressure due to its rise, and it is imminent to accelerate the transformation of electrification.

Although Geely has formed Lotus, Volvo, Polestar, Smart, LEVC, Lynk u0026 Co, Geely, Geometry, Proton, Maple Leaf, Long-range and other market-oriented layouts in different market segments globally. The brand of electric vehicles, but the power battery link is still its weak link. The deep binding of a high-quality power battery manufacturer through equity participation is undoubtedly of strategic importance for Geely.

At present, Funeng Technology has become one of the leading companies in ternary soft-pack power batteries, and has ranked first in the Chinese market for soft-pack power lithium-ion batteries in terms of shipments for three consecutive years from 2017 to 2019. Funeng Technology’s customers currently cover many mainstream domestic and foreign vehicle companies, including Daimler, Beijing Benz, BAIC New Energy, GAC New Energy, FAW, Geely, Great Wall, etc., and is expanding into Volkswagen, Audi, Porsche, GM, Nissan , Honda and other customers.

In terms of products, Funeng Technology has begun mass production of batteries with an energy density of 285Wh/kg, and its product performance is at the leading level in the global industry. In 2025, Funeng Technology's power battery production capacity is expected to exceed 80GWh, striving to have the ability to provide products and services to global vehicle customers.

Analysis of the industry believes that Geely Group has become a shareholder of Funeng Technology, and it is not ruled out that Geely will continue to increase its holdings of Funeng Technology. By investing in Funeng Technology, Geely will have a certain right to speak in the upstream lithium battery industry chain. In the face of other competitors, there was another card in his hand.

Funeng Technology also ushered in another heavyweight car company after Daimler's shareholding, which will undoubtedly further enhance Funeng Technology's market competitiveness and influence.

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