In order to actively practice the concept of circular economy and contribute to the innovative development of the power battery secondary utilization industry, Jiangsu Huayou Energy Technology Company Limited (hereinafter referred to as “Jiangsu Huayou Energy”) signed a strategic cooperation agreement with Ping An Property and Casualty Insurance Company of China, Beijing Branch (hereinafter referred to as “Ping An General Insurance Beijing Branch”) on August 22nd. The two parties will jointly explore the creation of an innovative cooperation model of “insurance + comprehensive utilization of power battery” to participate in the construction of risk management and protection system for the new energy industry, and jointly promote the healthy development of the new energy industry, so as to use finance to empower the high-quality development of industry.

In March this year, Jiangsu Huayou Energy obtained the first domestic certificate of product certification for new energy automobile power battery cascade utilization issued by China Automotive Research Huacheng Certification (Tianjin) Co., Ltd, and gained wide attention from enterprises upstream and downstream of the industry chain. In this cooperation, Ping An General Insurance Beijing Branch will provide product liability insurance for the certified Jiangsu Huayou Energy Cascade Products, providing strong protection for the promotion and application of the products and escorting the development of green industry through insurance.

Due to its advantages of low resource consumption and low pollution emission, the cascade utilization of power batteries for new energy vehicles has become a new growth driver to promote the industry's high-quality development and green and sustainable development, and is an important part of the “new quality productivity”. Jiangsu Huayou Energy has taken the lead in the industry in realizing digital management of retired batteries through “recycling-sorting-R&D-manufacturing-operation-monitoring” based on the construction of a high-security, low-carbon solution for the whole life cycle management of power batteries. After testing, evaluating, sorting and restructuring, the cascade batteries are reapplied to backup power supply of communication base station, forklift and other usage scenarios, realizing the value management of the whole life cycle of power batteries, which is beneficial to maximizing the residual value of decommissioned batteries, improving the utilization rate of resources, and reducing the pollution of the environment.

Jiangsu Huayou Energy always adheres to the corporate mission of “creating value for customers and leading industry development”, establishes a comprehensive quality control system, deepens the lean production process management, adopts advanced modular, digital and multi-functional flexible production systems, and adheres to the concept of “product is human character” to create a superior product. The company has established a comprehensive quality control system, deepened the lean production process management, adopted advanced modularization, digitalization and multi-functional flexible production system, and adhered to the concept of “product  reflects moral quality” to create excellent products.

Taking the innovative cooperation model of “Insurance + Comprehensive Utilization of Power Battery” as a start, both parties will make use of their respective professional advantages and market resources to help Jiangsu Huayou Energy build a more perfect service system through the professional service team, and jointly contribute to the promotion of the high-quality development of comprehensive utilization of power battery.