Latest news with #Shanghai
Yahoo
17 minutes ago
- Automotive
- Yahoo
Tesla, Shanghai sign $557 million energy storage station deal, Yicai reports
BEIJING (Reuters) -Tesla's first China grid-scale battery storage station using its megapack batteries will be located in Shanghai, local media Yicai reported on Friday. The deal involving an investment of 4 billion yuan ($556.8 million) was signed between the U.S. automaker, China Kangfu International Leasing Co and the Shanghai local government on Friday, according to the report. Tesla's battery megafactory in Shanghai for making its megapack batteries began production in February. ($1 = 7.1840 Chinese yuan)
Reuters
29 minutes ago
- Automotive
- Reuters
Tesla, Shanghai sign $557 million energy storage station deal, Yicai reports
BEIJING, June 20 (Reuters) - Tesla's (TSLA.O), opens new tab first China grid-scale battery storage station using its megapack batteries will be located in Shanghai, local media Yicai reported on Friday. The deal involving an investment of 4 billion yuan ($556.8 million) was signed between the U.S. automaker, China Kangfu International Leasing Co and the Shanghai local government on Friday, according to the report. Tesla's battery megafactory in Shanghai for making its megapack batteries began production in February. ($1 = 7.1840 Chinese yuan)
Bloomberg
2 hours ago
- Politics
- Bloomberg
Xi Keeps Iran at Arm's Length as Middle East Conflict Deepens
Hello, this is Allen Wan in Shanghai. As President Donald Trump contemplates a US strike against Iran, marking a potentially dangerous turn in the war, his country's chief rival has maintained a fairly low profile.
Forbes
3 hours ago
- Business
- Forbes
China's Robot Maker Unitree Valued At $1.7 Billion In Series C Round
A Unitree humanoid robot performs Thursday, the first day of the Mobile World Conference in Shanghai. Unitree Robotics, a Hangzhou-based maker of humanoid robots whose founder recently met with Chinese President Xi Jinping, completed series C funding this month that values the company at 12 billion yuan ($1.7 billion), according to people with knowledge of the matter. As investors, the company attracted Chinese auto maker Geely Automobile, fintech giant Ant Group and investment firm HongShan Capital Group (formerly known as Sequoia Capital China), people familiar with the matter told Forbes Asia. The valuation of 12 billion yuan was confirmed by two investors who participated in the deal but requested anonymity. A Unitree representative confirmed the company completed the series C funding but said it had no further information to provide. Chinese media Late Post reported the deal first Thursday, saying that Unitree raised an undisclosed amount from investors that also included tech giant Tencent, e-commerce behemoth Alibaba and a fund affiliated with the state-run telecommunications giant China Mobile at a valuation of 'over 10 billion yuan.' Founded in 2016, the company is now at the forefront of China's robotics industry. Its 35-year-old founder Wang Xingxing, who is CEO and CTO, landed in February a coveted front-row seat at a meeting with Chinese President Xi. That meeting in the Great Hall of the People in Beijing also included Alibaba cofounder Jack Ma, Tencent Chairman Ma Huateng and DeepSeek founder Liang Wenfeng. Xi held the meeting to send a message of support to China's private sector amid a plethora of economic challenges. Seated in the first row in front of Xi was Unitree's Wang, who later shook hands with the president. The bespectacled young entrepreneur is helping China's development of humanoid robots, an emerging industry the country is keen to dominate as it vies for tech supremacy with the U.S. Unitree has developed products including a series of robot dogs that start from $1,600 and humanoid models priced from $16,000, according to its website. That compares with the $20,000 to $30,000 Tesla intends to charge for each of its Optimus humanoid products. The bipedal product from the American electric vehicle pioneer can walk, dance and perform household chores such as cooking, cleaning up tables and dumping trash, according to video clips posted on its X social media account. Unitree's humanoids are shown performing similar tasks on clips posted on its website. They shot to national fame in China when the robots danced alongside real people during a performance at January's 2025 Spring Festival Gala. A huge audience watched the performance as China celebrated the start of the Year of the Snake. Unitree's humanoid robots have also participated in marathons and battled real fighters in boxing competitions. The Unitree representative says the company controls over two thirds of the global market for quadruped robotics dogs and leads worldwide sales of humanoid robots. However, the representative declines to provide specific sales figures. Founder Wang has traced his interest in robots to at least 2013. The young entrepreneur was pursuing a graduate degree in mechanical engineering at Shanghai University when he designed XDog, a quadruped robot that helped him win second prize in a local competition. Wang briefly worked for Chinese drone maker DJI before founding Unitree in 2016. In 2017, he raised an undisclosed amount in seed funding before progressing to complete a series B round last year. At the time, his company raised at at least 1 billion yuan from investors including Chinese food-delivery giant Meituan, investment firm Source Code Capital and the state-affiliated Shenzhen Capital Group, according to the Qichacha local regulatory filing system.
Yahoo
4 hours ago
- Business
- Yahoo
BC Tech Pioneers Quality Upgrade in PV Industry
SHANGHAI, June 20, 2025 /PRNewswire/ -- During the recent 2025 SNEC exhibition in Shanghai, LONGi, a global leader in PV technology innovation, signed a strategic cooperation agreement with TÜV Rheinland, an international independent third-party testing, inspection, and certification organization. This partnership aims to foster high-quality collaboration in the solar photovoltaic sector and create greater value for PV markets. After the signing ceremony, Mr. Dennis She, Vice President of LONGi, and Dr. Gao Qi, Chief Technical Expert for Solar Services at TÜV Rheinland, participated in an exclusive media interview. Technological Evolution: BC Drives High-Quality Transformation of Global Energy Structure With continuous advancements in solar technology and significantly reduced levelized cost of electricity (LCOE), the PV market has entered a phase of rapid expansion, now stepping into the "terawatt era." Against this backdrop, establishing robust quality standards has become increasingly urgent and critical. Mr. Dennis She emphasized that product reliability remains the "lifeline" of the PV industry. As a global leader in the PV industry, LONGi has consistently focused on technological innovation. After over seven years of refinement, LONGi's HPBC2.0 technology is reshaping end-customer value through higher efficiency and superior full-lifecycle reliability. BC technology and products will spearhead industry-wide quality standard upgrades. Dr. Gao Qi stated that TÜV Rheinland and LONGi share aligned goals and missions in the PV sector. This strategic collaboration will further advance quality standards, redefine industry benchmarks, and support efficient, healthy, and sustainable development in end markets. Multi-Layered Assurance: LONGi Hi-MO 9 Modules Demonstrate Lifecycle Value Advantages "Robust reliability" defines LONGi's brand DNA. To safeguard end-customer interests, LONGi employs stringent manufacturing processes exceeding industry standards to deliver BC modules of exceptional reliability. According to Mr. Dennis She, the Hi-MO 9 module (HPBC 2.0) integrates LONGi's self-developed TaiRay Wafer and innovatively applies "nanoscale full-area passivation technology" to enhance conversion efficiency. Combined with "zero busbar" (0BB) technology, it delivers higher lifetime power generation value for power plants. In manufacturing, LONGi's "Lighthouse" Smart Factory production and "LONGi Product Lifecycle Standard" ensure premium quality and reliability through strict material sourcing control and process quality management. To guarantee resilience under extreme weather, LONGi partnered with third-party institutions to subject Hi-MO 9 modules to intensified tests—including hail impact, wind tunnel, and fire resistance—all successfully passed, demonstrating outstanding stability and reliability. Dr. Gao Qi added, "At last year's TÜV Rheinland ' All Quality Matters,' Hi-MO 9 won both the 'Power Generation Simulation' and 'Module Reliability' awards. We are confident LONGi's BC products will unlock even greater commercial value for power plants." Since early this year, a growing number of PV manufacturers have begun adopting BC technology, signaling its rapid ascent. Higher-quality BC products will establish new industry benchmarks and deliver enhanced lifecycle value to global markets and customers. View original content to download multimedia: SOURCE LONGi Sign in to access your portfolio
