China Petroleum & Chemical Corporation, commonly known as Sinopec, has established a joint venture with charging equipment manufacturer Wangbang Digital Energy.
According to a report by Jiemian, Sinopec Wanbang was registered less than a month ago and established with a registered capital of 10 million yuan. 70% of the firm belongs to the state-owned company while the remaining 30% to Wanbang.
The newly formed venture focuses on energy generation, transmission, and distribution as well as the development of fast charging stations, battery manufacturing and sales.
