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Schroders signs deal with leading Chinese battery maker
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Schroders signs deal with leading Chinese battery makerSchroders signed the deal with a leading Chinese battery makerLeading asset management firm Schroders has signed a deal with a Chinese battery making giant, amid chief executive Richard Oldfield’s trip to China, led by prime minister Keir Starmer.
The group’s Schroders Greencoat business, which invests in renewable energy infrastructure, signed the deal with Contemporary Amperex Techology (CATL) and Hong Kong based private equity firm Lochpine Capital on Friday.
Under the terms of the agreement, the companies will collaborate to develop an investment platform in European battery energy storage systems, with CATL being the supplier of batteries.
Richard Nourse, Chair of Infrastructure at Schroders Capital, said: “Accelerating Europe’s energy transition requires the deployment of significant amounts of capital.
The deal comes after FTSE 100 giant Astrazeneca entered an agreement with a leading Chinese drug maker, worth up to $4.7bn.