China Petroleum and Chemical Corp (Sinopec) and Contemporary Amperex Technology Co Ltd (CATL), a leading battery maker, have signed a framework agreement on Wednesday for industrial and capital cooperation in Beijing, planning to build no fewer than 500 battery swap stations nationwide, with the future goal of jointly constructing 10,000 such stations.

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The initiative aims to promote the development of new infrastructure for battery swap stations in China and provide more efficient and convenient integrated energy services for new energy vehicle owners.

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Battery swapping, one of the key methods for recharging new energy vehicles, has emerged as a crucial pathway to alleviating range anxiety and promoting low-carbon development in the transportation sector, thanks to its advantages of efficiency, convenience, and compactness, said Sinopec.

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Sinopec boasts a nationwide network of energy stations and strong energy service capabilities, while CATL is a leader in battery technology and the development of battery swap systems. The two sides will leverage their respective strengths to advance the construction and operation of battery swap stations, accelerating the development of this new infrastructure to better serve the public.

Currently, Sinopec has already built a network of 30,000 integrated energy stations and over 10,000 ultra-fast charging stations across the country, it said.