GCL ET Switches Investment from EV Battery Swap to Distributed PV Project

PVTIME – on April 12, 2024, GCL Energy Technology Co.,Ltd. (GCL ET, 002015.SZ), a subsidiary of GCL Group mainly engaged in power generation, announced its intention to switch its investment from EV battery swapping stations to distributed solar power project.

GCL ET intends to stop the construction of EV battery swapping station project, which has been invested with 279 million yuan of its raised funds 2.392 billion yuan since 2021. The remaining 2.113 billion yuan will be allocated to other renewable energy projects, of which 3000 million yuan will go to the construction of EV charging station, 700 million yuan to distributed solar power project, 800 million yuan to new type of energy storage station and 313 million yuan to supply working capital.

According to the announcement, the rate of return is estimated to be too low for GCL ET to continue its investment in EV battery swapping stations, as the market competition among heavy-duty vehicle energy providers is fierce, resulting in unexpectedly low performance and results.

And for 2024, instead of seeking opportunities in EV battery swapping, GCL ET stated that it will pay more attention to solar power generation, energy storage as well as EV charging business.

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