CR Construction (01582.HK) announced that its wholly-owned subsidiary Zhejiang Construction Eco-Friendly and Mike New Energy Fund jointly established an enterprise, with a registered capital of 50 million RMB each, and Zhejiang Construction Eco-Friendly and Mike New Energy Fund contributed 35 million and 15 million RMB respectively, holding 70% and 30% stakes.
The joint venture will become an investment platform specializing in energy storage business and providing a comprehensive range of new energy services.
The Group believes that establishing the joint venture can combine Mike New Energy Fund's leading technology in energy storage with the Group's project resources, playing a constructive role in achieving complementary advantages, resource integration, and win-win cooperation to enhance competitiveness.