Shanghai Electric Inks Strategic Cooperation Agreement with SKF at CIIE 2021

Published : Nov 18, 2021 - 23:20 Updated : Nov 18, 2021 - 23:20

The collaboration will draw on the combined strength of the two companies to advance global green initiatives

SHANGHAI, Nov. 18, 2021 /PRNewswire/ -- Shanghai Electric ("Shanghai Electric" or "the Company") (601727.SS and 02727. HK) has entered a strategic partnership with Svenska Kullagerfabriken AB (SKF) after the two companies signed an agreement aimed at harnessing their respective technology and business advantages to bring more value to global customers at China International Import Expo 2021 (CIIE). Leng Weiqing, Chairman of Shanghai Electric Group, who presented at the ceremony alongside Vice President Jin Xiaolong, signed the agreement.

SKF is a world-leading manufacturer and supplier of bearings, seals, lubrication and lubrication systems, maintenance products, mechatronics products, power transmission products, condition monitoring systems and related services. The partnership will allow the two companies to benefit from Shanghai Electric's rich experience in infrastructure construction as well as SKF's comprehensive global supply chain and innovation capacity to boost their R&D capacity, leveraging the combined strength of both companies to enhance their competitive advantages and boost business value.

China's largest import trade fair, CIIE 2021, held from November 5-10, was the fourth edition that Shanghai Electric attended, which also saw the company inking more than 10 import procurement contracts and framework agreements with global companies during the six-day event, with the total value of the deals exceeding 1.7 billion RMB.

As part of China's green push to accelerate towards its carbon goals, the fourth edition of CIIE aimed at facilitating green trade and cooperation between global companies in an effort to expedite the pace of green transformation in China and beyond.

As a global leader and pioneer in renewable energy, Shanghai Electric brought the latest innovative solutions that promote China's domestic-international dual circulation strategy and showcases its achievements for business upgrade and transformation through technological empowerment. Leading the showcase were the Qingpu new energy buses tasked with providing a fast and climate-friendly transport link for global visitors at CIIE, equipped with Shanghai Electric's Guoxuan power battery system.

Over the past four years, CIIE has provided a platform on which Shanghai Electric has been able to expand its cooperation with global investors and companies for the development of new energy and advanced manufacturing.

At CIIE 2018, Shanghai Electric Group and Siemens Power and Natural Gas Group signed a contract to supply the power generation equipment used in the 700MW CSP project in Dubai, the world's largest CSP plant. This partnership was followed by a framework agreement signed between Shanghai Electric and Consolidated Power Projects Australia Pty Ltd (CPP) at the second CIIE in 2019 for a RMB100 million purchase deal. In the same year, Shanghai Electric also secured several deals worth RMB710 million to supply gas turbine equipment to Datang Group, State Power Investment Corporation and Ansaldo Energia.

The successful CIIE 2020 marked a renewed momentum of international trade and business cooperation amid a disrupted global economy due to the pandemic-induced restrictions, where Shanghai Electric formed another milestone collaboration with Siemens Energy on building a smart energy empowerment center in China.

"CIIE is a fast and efficient matchmaking platform for multinational companies to find the golden key to open the gate to China's market, as well as a window for global businesses to establish in-depth communication channels with Chinese customers. On this platform, Shanghai Electric hopes to seek new partners and create more win-win cooperation opportunities with world-leading enterprises," said Jin Xiaolong.