- CF Energy Corp. (CFY) has acquired a 70-per-cent stake in a profitable local Beihai City electric vehicle battery swap station operator
- The CF Energy group acquired Beihai Brighton Road New Energy Ltd. in Beihai City, Gangxi Province, the PRC, for a consideration of RMB1.24 million
- The company provided strategic advice and support to the Beihai Company in establishing the first two EV battery swap stations in Beihai City
- CF Energy Corp. is a Canadian integrated energy provider and natural gas utility/distribution company in the PRC
- CF Energy Corp. was unchanged at $0.22 at 9:37 AM ET
CF Energy Corp. (CFY) has acquired a 70-per-cent stake in a profitable local Beihai City electric vehicle battery swap station operator.
The CF Energy group acquired Beihai Brighton Road New Energy Ltd. in Beihai City, Gangxi Province, the PRC, for a consideration of RMB1.24 million.
The acquisition amount was with reference to the valuation of RMB 1.77 million for the Beihai Company.
The company provided strategic advice and support to the Beihai Company in establishing the first two EV battery swap stations in Beihai City and only completed the acquisition when the Beihai Company met all pre-set goals of the development plan.
Since the first EV battery swap station became operational on May 23, 2022, by the end of October 2022, with both stations in operation, the Beihai Company had generated total revenue of RMB1.11 million and EBITDA of RMB0.33 million.
To strengthen the financial position of the Beihai Company, the Group is currently in the final stage of raising RMB 14.0 million of long-term financing for the refinancing of the equipment and battery inventory, pending internal approval procedures of the lending financial institution.
Beihai is a prefecture-level city of Guangxi Zhuang Autonomous Region in southern China, an important node city of Beibu Gulf Urban Agglomeration and Guangxi Beibu Gulf Economic Zone.
CF Energy Corp. is a Canadian integrated energy provider and natural gas utility/distribution company in the PRC.
CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy for its customer base in the PRC.
CF Energy Corp. was unchanged at $0.22 at 9:37 AM ET.