Shanghai Xiba and CATL reached a cooperation agreement

Shanghai Xiba recently announced that its actual controller Wang Wei and partners will sign an investment agreement with Ningde New Energy. According to the agreement, Shanghai Xiba and Zhao Dongyuan will transfer 4.17% of their equity to Ningde for 9.35 million yuan. In addition, Ningde will invest 54 million yuan to increase the capital of Shandong Fuyuan. Shandong Fuyuan is a company focusing on the research and development of silicon-based negative electrode materials. Its products have been used in consumer electronics and drones, and are expected to expand into new energy vehicles and energy storage markets.