Yunnan Energy, a Chinese government-owned entity, has signed an agreement with New York-headquartered FinTech firm Ideanomics to accelerate the adoption of electric vehicles and smart grid infrastructure in Yunnan province and in Southeast Asia.
Ideanomics and Yunnan Energy will establish the New Energy Industry Fund to promote investment into the construction and management of power grid infrastructure in South Asia and South-East Asia.
The Fund will help accelerate the deployment of fast-charging and energy storage solutions required to support the EV industry.
The partnership will focus on increasing electric heavy trucks, buses, taxis and logistic vehicles in the Chinese mining province of Yunnan.
The joint venture is expected to be operational in early 2020.
Alf Poor, the CEO of Ideanomics, said: "Yunnan province is an important keystone province, due to its extensive mining activities and its position as the sponsor for China's Belt and Road activities in South East Asia. This agreement, an extension to our recently announced Taxi deal, brings together Ideanomics' MEG division and Yunnan province with a shared objective of enabling commercial EV at scale in China and the ASEAN region.
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"Together with the team at Yunnan Energy, we have developed objectives to significantly accelerate commercial EV adoption in China and South East Asia, and to invest in technologies and operating companies that make clean mobile energy a viable proposition."