Ant Financial, CATL start battery firm with Hellobike - Breaking The News
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Ant Financial, CATL start battery firm with Hellobike

Business
Christian Baha / IT

1 min read

EPA / MARKKU OJALA

Ride-hailing system operator and bicycle-sharing service Hellobike said on Wednesday that it is establishing a joint venture with Alibaba Group Holding Ltd.'s Ant Financial Services Group and Contemporary Amperex Technology Co. Ltd. (CATL). The firm for battery swapping will be set up with investment of one billion yuan ($144.6 million) but participants failed to disclose the size of their stakes.

The entity will operate stations where riders of e-bikes and scooters can get charged power storage units. Hellobike compared the concept with gas pumps. Ant Financial, known for its payments brand Alipay, already backs the startup. CATL produces batteries for electric cars.

techmanufacturingservicesalibabapaymentsebikescatlhellobikeAnt Group
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