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The cooperation will use the comprehensive strength of the two companies to advance the global green initiative
Shanghai, November 18, 2021/PRNewswire/ - Shanghai Electric ("Shanghai Electric" or "Company") (601727.SS and 02727.HK) reached an agreement with Svenska Kullagerfabriken AB (SKF) after the establishment of the two companies The two parties of the strategic partnership signed an agreement at the 2021 China International Import Expo (CIIE) aimed at leveraging their respective technological and business advantages to bring more value to global customers. Chairman Leng Weiqing of Shanghai Electric Group and Vice President Jin Xiaolong attended the signing ceremony.
SKF is the world's leading manufacturer and supplier of bearings, seals, lubrication and lubrication systems, maintenance products, mechatronics products, power transmission products, condition monitoring systems and related services. This cooperation will enable the two companies to benefit from Shanghai Electric’s extensive experience in infrastructure construction and SKF’s comprehensive global supply chain and innovation capabilities, enhance the R&D capabilities of both parties, and use the combined advantages of the two companies to enhance their competitive advantages and enhance commercial value.
CIIE 2021, China’s largest import trade exhibition held from November 5 to 10, is the fourth exhibition that Shanghai Electric participated in. During the six-day event, the company also signed more than 10 import procurement contracts and contracts with global companies. A framework agreement with a total transaction volume of more than RMB 1.7 billion.
As part of China's green initiatives to accelerate the achievement of its carbon emission targets, the 4th CIIE aims to promote green trade and cooperation among global companies in order to accelerate the pace of green transformation in China and other regions.
As a global leader and pioneer of renewable energy, Shanghai Electric has brought the latest innovative solutions to promote China's domestic and international dual-cycle strategy, demonstrating the achievements of business upgrading and transformation through technology empowerment. Leading the display is the Qingpu new energy bus equipped with Shanghai Electric Guoxuan power battery system, which aims to provide fast and environmentally friendly transportation connections for global visitors of the CIIE.
In the past four years, the CIIE has provided a platform for Shanghai Electric to cooperate with global investors and enterprises in the development of new energy and advanced manufacturing.
At CIIE 2018, Shanghai Electric Group signed a contract with Siemens Power Natural Gas Group to provide power generation equipment for the world's largest CSP station, Dubai 700MW CSP project. After this cooperation, Shanghai Electric and Consolidated Power Projects Australia Pty Ltd (CPP) signed a framework agreement at the second CIIE in 2019, with a purchase transaction value of RMB 100 million. In the same year, Shanghai Electric also provided several gas turbine equipment transactions worth 710 million yuan to Datang Group, State Power Investment Corporation and Ansaldo Energy Corporation.
The successful hosting of the China International Import Expo in 2020 marks the renewed vitality of international trade and business cooperation. With the global economy being restricted due to the epidemic, Shanghai Electric and Siemens Energy reached an agreement to build a smart energy enabling center in China. Another milestone cooperation.
"The CIIE is a fast and efficient docking platform for multinational companies to find the golden key to open the door to the Chinese market. It is also a window for global companies to establish in-depth communication channels with Chinese customers. On this platform, Shanghai Electric hopes to find new cooperation with the world's leading companies Partners, create more win-win cooperation opportunities." Jin Xiaolong said.
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