The world’s largest EV battery manufacturer, Contemporary Amperex Technology (CATL), has received official approval to construct its first offshore wind farm in Fujian, China. Additionally, it has been discovered that the company has also established a carbon asset management company, signaling its commitment to a significant development in carbon capture, utilization technology.
According to a report from China’s financial and economic media “CaiXin” on Jan. 29, the Fujian Provincial Development and Reform Commission announced its approval for CATL to proceed with an 800 MW offshore wind farm and battery storage project.
CATL plans to invest approximately 1.8 billion USD in constructing the wind farm near its headquarters in Ningde City, Fujian Province. The registered development entity for this project is Fujian Runshi Offshore Wind Power.
In April 2023, CATL established Fujian Runshi, a subsidiary under its wholly owned subsidiary, Contemporary Green Energy with 96% of shares, while the state-owned Fujian Mindong Electric Power own 3%, and Power China Fujian Electric Power Engineering holds the other 1%.
Another Chinese financial media “CaiLianShe”, has reported that on January 4, CATL established two new companies, such as Jinxiang Runshi Wind Power and Zoucheng Runshi Wind Power, both with a registered capital of USD 1.4 million. These companies are jointly held by Contemporary Green Energy and other affiliated entities. This move signifies CATL’s accelerated expansion and strategic positioning in the wind power industry.
Furthermore, on February 2, it was revealed that CATL established a subsidiary, Times Carbon Asset Management, which is owned by the Contemporary Green Energy, with the main responsibilities in reducing carbon emissions, developing carbon capture technology, and engaging in carbon management.
In April last year, CATL announced its zero-carbon strategy, pledging to achieve core operational carbon neutrality by 2025 and complete the value chain carbon neutrality by 2035. Under the Contemporary Green Energy, several subsidiaries are actively involved in the development of solar and wind power generation, ensuring a sustainable green energy supply and reducing carbon emissions.