Sinopec establishes joint venture with China’s second largest charging giant

The state-owned company seeks to expand its charging network by partnering with Wangbang Digital Energy.

China Petroleum & Chemical Corporation, commonly known as Sinopec, has established a joint venture with charging equipment manufacturer Wangbang Digital Energy.

According to a report by Jiemian, Sinopec Wanbang was registered less than a month ago and established with a registered capital of 10 million yuan. 70% of the firm belongs to the state-owned company while the remaining 30% to Wanbang.

The newly formed venture focuses on energy generation, transmission, and distribution as well as the development of fast charging stations, battery manufacturing and sales.

Wanbang Digital Energy is a domestic charging company dedicated to research, develop and manufacture equipment for new energy vehicles. The company also operates the Star Charging brand, currently the second largest public charging operator in China.

China Charging Union’s data shows that by the end of 2023, the number of charging infrastructure in the country was 8,596,000 units, an increase of 65% year-on-year. Among them, Telegraph operated 523,000 units and ranked first while Star Charging operated 451,000 units, occupying the second place.