Recently, Petrochina Company Limited and CATL completed an important collaboration in Shandong Province, jointly establishing a new joint venture company named CNPC Jichai Times (Shandong) New Energy Technology Co., Ltd. The company is registered in Changqing District, Jinan City, with a registered capital of 77 million yuan. According to shareholder information, the company is held by CNPC Group's subsidiary Jichai Power Co., Ltd. (60%) and CATL (40%). The company's business scope encompasses both new energy operations including energy storage technology services, emerging energy technology research and development, battery manufacturing and sales, solar power generation technology services, intelligent control system integration, and centralized fast charging stations, as well as traditional businesses such as oil and gas technology services and import-export trade.
Jichai Power is the only power equipment manufacturing enterprise under Petrochina Company Limited, while CATL is China's leading manufacturer in the power battery sector. What does their alliance signify? This could represent another crucial strategic deployment for Petrochina Company Limited on its energy transformation journey.
**New Company Establishment**
To explore the core purpose behind the new company's formation, it's essential to understand Jichai Power's development background. Founded in 1920, Jichai Power is one of China's earliest enterprises to engage in independent diesel engine research and development. With solid technology and industry influence, Jichai Power has consistently ranked among the "Top 500 Chinese Machinery Industry Companies" for multiple years. Its core business focuses on the "two-engine" fields - engines and compressors - forming a highly competitive product matrix.
Jichai Power's engines have previously provided core power support for ultra-deep drilling projects exceeding 10,000 meters, such as the Shenditake-1 well, demonstrating its robust capabilities in high-end energy equipment.
Within the overall strategic transformation framework of CNPC Group, Jichai Power has simultaneously formulated a clear transformation plan, with industrial chain extension as the core direction, constructing a "two-engine, two-new" industrial layout of "engines, compressors, new energy, and new business formats," accelerating the development of a "world-class energy power equipment company with 10 billion yuan in revenue."
Based on this objective, Jichai Power has integrated advantageous resources for multi-directional efforts, increasing R&D investment in emerging fields such as electrochemical energy storage systems, intelligent refueling products, supercritical CO2 injection compressors, and natural gas pressure differential power generation equipment, achieving fruitful results. Its constructed 30/60 MWh electrochemical energy storage system operates stably in the Tuha Oilfield with charge-discharge efficiency approaching 87%, providing crucial equipment support for Petrochina Company Limited's "desert, Gobi, and wasteland" new energy mega-base construction.
Now, Jichai Power has announced cooperation with new energy giant CATL. This represents not only Jichai Power's acceleration of transformation but also marks Petrochina Company Limited's key attempt to drive its own transformation.
**Mutual Advancement of Oil and New Energy**
The collaboration between Jichai Power and CATL represents precise complementarity. Jichai Power can leverage advantages in technology, cost, and system integration in the energy storage field to accelerate breakthrough of transformation bottlenecks, injecting crucial momentum into Petrochina Company Limited's energy transition.
Actually, signs of their joint company establishment emerged earlier. On June 17, the Shanghai Municipal Market Supervision Administration disclosed the case of CNPC Jichai and CATL establishing a new joint venture. It mentioned that both parties signed a joint venture agreement to jointly establish a joint venture company primarily engaged in the production and manufacturing of lithium-ion battery energy storage system products within China.
As China's leading power battery industry enterprise, CATL possesses not only industry-leading battery cell technology and ultimate cost control capabilities but also full-stack technology integration strength, with core competitiveness particularly prominent in the energy storage field. For example, CATL's independently developed "Tianheng·Zhichu" system is the world's first energy storage full-lifecycle management solution achieving "energy storage body safety + system safety + intelligent operation and maintenance" trinity. Through millisecond-level data collection technology, combined with collaborative computation of AI large models (Transformer + Graph Neural Networks) and physical mechanism models, the system can achieve 7-day advance fault warning with 99.3% accuracy, while reducing operation and maintenance costs by 40%, forming dual advantages in safety and economics.
These advantages precisely address key shortcomings in Jichai Power's transformation, filling gaps in battery cell technology and energy storage system integration.
Notably, CATL serves as a first-tier energy storage battery supplier for Petrochina Company Limited, supplying lithium iron phosphate batteries and battery cells. In 2024, both parties discussed strategic cooperation in areas such as solar-storage-charging integration and energy storage. According to enterprise查查, from March to August 2025, CATL successively won three CNPC Jichai liquid-cooled battery system and battery cell procurement project bids.
Leveraging both parties' advantages, the new company is expected to become the core vehicle for energy storage business transformation within the Petrochina Company Limited system.
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