In the evening of December 16, Fu Neng Technology (688567) issued a notice, The Company and its wholly-owned subsidiary, Fueneng Technology (Zhenjiang) Co., LTD. (hereinafter referred to as "Fueneng Zhenjiang") intends to enter into the "Supplementary Agreement for Multi-Year Supply Agreement (Applicable to Some Projects)" (hereinafter referred to as the "Supplementary Agreement") with Mercedes-Benz AG. Under the agreement, Mercedes-Benz AG will pay Foeneng Zhenjiang an upfront payment of approximately 1.05 billion yuan.
Meanwhile, in order to ensure the smooth implementation of the Supplementary Agreement, Funeng Zhenjiang intends to sign a Floating Mortgage Agreement with Mercedes-Benz AG to pledge the agreed assets to Mercedes-Benz AG. The mortgaged assets agreed in the Floating Mortgage Agreement include: raw materials, semi-finished products and finished products purchased by Feuneng Zhenjiang on or after the date of signing the Floating Mortgage Agreement with the prepayment to meet the production and delivery requirements of Daimler.
'Mercedes-benz AG is an important partner of the company, and the signing of the supplementary agreement and the Floating Mortgage agreement will help the company to strengthen its cash reserves, ensure supply chain stability for Daimler customers and reduce raw material costs, deepen cooperation and improve the company's performance,' fueneng said.
Battery network learned that in 2018, Feuneng Technology established cooperative relations with Daimler and Beijing Benz, and successfully became their battery suppliers. In 2020, Daimler bought a stake in Fueneng Technology. On April 20, 2021, the mass production of the battery of FRAunergy's Mercedes-Benz EVA project rolled off the production line, marking that the cooperation between the two sides has entered a new stage from r&d to large-scale supply. Fueneng technology also said that with the mass production of Mercedes EVA battery off the production line and stable supply, the 10-year order agreement signed by both sides in 2018 with a total of more than 170GWh will gradually increase from the second half of the year.
According to the financial report of the third quarter of 2021, the company's revenue from January to September increased by 252.14% compared with the same period last year. The main reason is that the products supplied to Daimler customers were rolled off the production line and delivered in the second quarter of this year, and the power battery products of AionV, Aion Splus and other models supplied to GAC customers have been delivered successively since the beginning of the year. With good market feedback and increased demand from other customers, the company's revenue has increased significantly since the beginning of the year.
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