BAIYU Acquires Leading Energy Storage and Lithium Battery Company

BAIYU Holdings, Inc. (BYU), a prominent B2B bulk commodity platform, announced that it has signed a definitive share purchase agreement to acquire Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. This acquisition aims to propel BAIYU’s expansion into the renewable energy market.

Details of the Acquisition

Under the agreement dated August 21, 2024, BAIYU will acquire 100% of Jintongyuan for RMB750 million (approx. US$105 million). The deal was approved by BAIYU’s board, with closure expected around September 2024.

About Jintongyuan

Jintongyuan specializes in energy storage battery R&D, design, maintenance, sales, and lithium battery systems. Focusing on North America, it offers innovative solutions for electric vehicles like trams, golf carts, and forklifts.

Strategic Significance

Ms. Ouyang Renmei, CEO of BAIYU Holdings, emphasized the acquisition’s alignment with their vision for growth through technology, sustainability, and global cooperation.

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