Funeng Technology aims at the global market -Lithium - Ion Battery Equipment
On September 30, Funeng Technology (688567) announced that Funeng Technology and Turkish electric vehicle company TOGG (full name TÜRKİYE'NİNOTOMOBİLİGİRİŞİMGRUBUSANAYİVETİCARETA.Ş.) signed the "Joint Venture Agreement" and "Battery Pack Supply Agreement" and other agreements. SIRO, a joint venture company with a 50% stake, will be established. The joint venture will mainly develop power lithium batteries for all products under TOGG. In the future, it will gradually promote the technology output to supply battery methods for other automakers, and actively explore other non-mechanical energy storage systems. Motor vehicle applications.(Lithium - Ion Battery Equipment)
Complementary advantages and cooperation to upgrade
As early as October 2020, the two parties signed a "Letter of Intent to Cooperation" in Turkey, reached an agreement on strategic cooperation, and confirmed their intention to establish a joint venture company for the first time.
The joint venture SIRO is mainly based on the respective advantages of Funeng Technology and TOGG, and is engaged in the research and development, production and sales of power lithium batteries to customers in Europe, the Middle East and Africa such as Turkey, Russia, Ukraine, Georgia, and Northern Cyprus.
According to reports, the SIRO headquarters is located in the northwest of Turkey, adjacent to Gebze, known as the "Turkish IT Valley". SIRO is expected to start production in the second half of 2022 in two phases. In the first stage, the factory will be mainly engaged in the centralized manufacturing of modules and pACKs, and the corresponding cells will be supplied by Funeng Technology. In the second stage, the factory produces batteries and reaches the goal of mass production off the assembly line.
Resource sharing to build a core battery giant along the Belt and Road
Turkey has a unique geographical location. It is a crossroad connecting Europe and Asia, a commodity distribution center and a sea, land and air transportation hub between the two continents, and an important fulcrum of the Silk Road.
TOGG, a Turkish electric vehicle company, was established in June 2018 with the goal of building a local car brand that is strong enough to compete on a global scale. It is understood that TOGG was jointly founded by five major companies/organizations in Turkey, including: Anadolu Group, the largest retailer, BMC, one of the largest commercial vehicle manufacturers, Turkcell, the largest telecommunications company, Zorlu, the largest TV manufacturer in Europe and Turkey, and the largest The non-profit organization TOBB (Turkish Chamber of Commerce and Commodities Exchange).
By 2022, TOGG aims to become Europe's first electric SUV manufacturer with a non-traditional car company background. TOGG is committed to developing a new generation of electric and intelligent connected vehicles, and developing new technologies, services, user experiences and new business models in the ecosystem built around intelligent connected vehicles. TOGG's goal is to produce five different electric and connected model cars on a common platform by 2030, with a production volume of 1 million units.
Mr. Gürcan Karakaş, CEO of TOGG, said that SIRO is the abbreviation of Silk Road, which is a network of trade routes connecting the East and the West and has played an important role in the development of human civilization. He believes that SIRO will become a bridge for the development of new technologies, production and trade in Turkey and surrounding regions. TOGG Chairman Rifat Hisarcıklıoglu said that batteries are the new oil of today's economy, and the joint venture SIRO will improve the efficiency of Turkey's energy system, reduce Turkey's dependence on foreign energy, and accelerate Turkey's development as a pioneer in a clean and efficient energy system. As such, TOGG's mobile ecosystem will, along with SIRO, be an important regional player in developing technology and creating significant economic value.
TOGG chose to establish a joint venture with Funeng Technology because Funeng Technology is the company that can best meet its technical, commercial and strategic standards. The final choice is to establish a joint venture company to jointly build the core battery giants of the Belt and Road, so as to increase the comprehensive competitiveness and achieve mutual benefit and win-win results.
Complementary advantages and cooperation to upgrade
As early as October 2020, the two parties signed a "Letter of Intent to Cooperation" in Turkey, reached an agreement on strategic cooperation, and confirmed their intention to establish a joint venture company for the first time.
The joint venture SIRO is mainly based on the respective advantages of Funeng Technology and TOGG, and is engaged in the research and development, production and sales of power lithium batteries to customers in Europe, the Middle East and Africa such as Turkey, Russia, Ukraine, Georgia, and Northern Cyprus.
According to reports, the SIRO headquarters is located in the northwest of Turkey, adjacent to Gebze, known as the "Turkish IT Valley". SIRO is expected to start production in the second half of 2022 in two phases. In the first stage, the factory will be mainly engaged in the centralized manufacturing of modules and pACKs, and the corresponding cells will be supplied by Funeng Technology. In the second stage, the factory produces batteries and reaches the goal of mass production off the assembly line.
Resource sharing to build a core battery giant along the Belt and Road
Turkey has a unique geographical location. It is a crossroad connecting Europe and Asia, a commodity distribution center and a sea, land and air transportation hub between the two continents, and an important fulcrum of the Silk Road.
TOGG, a Turkish electric vehicle company, was established in June 2018 with the goal of building a local car brand that is strong enough to compete on a global scale. It is understood that TOGG was jointly founded by five major companies/organizations in Turkey, including: Anadolu Group, the largest retailer, BMC, one of the largest commercial vehicle manufacturers, Turkcell, the largest telecommunications company, Zorlu, the largest TV manufacturer in Europe and Turkey, and the largest The non-profit organization TOBB (Turkish Chamber of Commerce and Commodities Exchange).
By 2022, TOGG aims to become Europe's first electric SUV manufacturer with a non-traditional car company background. TOGG is committed to developing a new generation of electric and intelligent connected vehicles, and developing new technologies, services, user experiences and new business models in the ecosystem built around intelligent connected vehicles. TOGG's goal is to produce five different electric and connected model cars on a common platform by 2030, with a production volume of 1 million units.
Mr. Gürcan Karakaş, CEO of TOGG, said that SIRO is the abbreviation of Silk Road, which is a network of trade routes connecting the East and the West and has played an important role in the development of human civilization. He believes that SIRO will become a bridge for the development of new technologies, production and trade in Turkey and surrounding regions. TOGG Chairman Rifat Hisarcıklıoglu said that batteries are the new oil of today's economy, and the joint venture SIRO will improve the efficiency of Turkey's energy system, reduce Turkey's dependence on foreign energy, and accelerate Turkey's development as a pioneer in a clean and efficient energy system. As such, TOGG's mobile ecosystem will, along with SIRO, be an important regional player in developing technology and creating significant economic value.
TOGG chose to establish a joint venture with Funeng Technology because Funeng Technology is the company that can best meet its technical, commercial and strategic standards. The final choice is to establish a joint venture company to jointly build the core battery giants of the Belt and Road, so as to increase the comprehensive competitiveness and achieve mutual benefit and win-win results.
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