BAIYU to acquire Shenzhen Jintongyuan Energy Storage Technology for $105m.

BAIYU, a provider of B2B bulk commodity e-commerce platform and supply chain services, agreed to acquire Shenzhen Jintongyuan Energy Storage Technology, a tech enterprise specializing in the R&D and production of high-performance energy storage batteries, for $105m. "The acquisition represents substantial progress in our expansion into the energy storage and lithium battery industries. Our goal is to drive Jintongyuan's growth and profitability through technological innovation and industrial upgrades. For years, we have advocated for global cooperation and competition as essential to achieving sustainable development and a circular economy. This acquisition aligns perfectly with our vision of a growth model centered on reduction, high efficiency, reuse, and recycling – an approach of strategically significance for global environmental optimization and carbon emission reduction," Ouyang Renmei, BAIYU CEO.