BAIYU Holdings, Inc. (BYU), a leading B2B bulk commodity e-commerce platform and supply chain service provider, has announced a definitive share purchase agreement. The company, through its subsidiary Shenzhen Baiyu Jucheng Data Technology Co., has acquired Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. This acquisition marks a significant milestone in BAIYU’s strategy to expand into the renewable energy storage market.

BAIYU’s Strategic Acquisition

BAIYU agreed to acquire 100% of Jintongyuan’s equity interest for RMB750 million (approximately US$105 million), payable in installments. The transaction, approved by BAIYU’s board, is expected to close around September 2024.

Focus on Energy Storage Solutions

Jintongyuan is engaged in the R&D, design, operation, and maintenance of energy storage batteries and lithium battery products. It offers customized and full-lifecycle solutions, enhancing user experience with safety, reliability, and intelligent integration.

Expansion into the North American Market

Jintongyuan targets the North American market with a dedicated team for R&D, design, and customized sales. It manages projects from initial design to sales and maintenance, working with third-party partners for production.

CEO’s Vision

Ms. Ouyang Renmei, CEO of BAIYU Holdings, stated that this acquisition supports the company’s growth into energy storage and lithium battery sectors. The aim is to drive growth through innovation, aligning with a vision for sustainable development.

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