Sunshine Oilsands Ltd. (Sunshine Oilsands) announced on 11 June 2026 that its wholly owned subsidiary, Shenzhen Zhongwang Energy Technology Co., Ltd., has established a joint venture—Shanghai Yinsheng Energy Co., Ltd.—with Shanghai Yinsheng Business Consulting Co., Ltd. Shenzhen Zhongwang Energy holds 51% of the equity, while Shanghai Yinsheng retains 49%, making the new entity a consolidated subsidiary of Sunshine Oilsands.

The joint venture will focus on retrofitting, investment and operation of distributed geothermal energy and energy-saving projects across China’s Yangtze River Delta and Pearl River Delta regions, alongside the sale of smart heat pumps. Management expects these activities to accelerate business diversification and support operating revenue and cash-flow generation during maintenance downtime at Sunshine Oilsands’ Canadian oil-sands project.

Shanghai-based partner Shanghai Yinsheng contributes more than a decade of industrial capital management experience and extensive market-channel resources in China’s new-energy sector, complementing Sunshine Oilsands’ existing expertise in oil-sands development.

Headquartered in Calgary and listed on the Hong Kong Stock Exchange since March 2012, Sunshine Oilsands continues to advance its West Ells Phase 1 project in Alberta’s Athabasca region, which targets initial production of 5,000 barrels per day. The formation of Shanghai Yinsheng Energy represents a strategic step toward expanding the company’s footprint beyond North American heavy-oil assets into China’s fast-growing geothermal and energy-efficiency markets.