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Hellobike Alibaba Ant Financial CATL

Hellobike, Ant Financial and a Battery Maker Jointly Reached Strategic Cooperation

June 12, 2019 9:46 pm

Beijing (PingWest)—Hellobike, the shared transportation platform backed by Alibaba, announced on June 12 the establishment of an electric bicycle battery company with Contemporary Amperex Technology Co. Limited and Alibaba's FinTech arm Ant Financial.

Founded in 2011, Contemporary Amperex Technology Co. Limited (CATL) is a Chinese battery manufacturer and specialized in the manufacturing of lithium-ion batteries for electric vehicles and energy storage systems, as well as battery management systems.

The three companies will pour in an initial 1 billion RMB ($144.6 million) in the new joint venture, which is primarily engaged in e-bikes' battery-changing services.

Source: 36Kr