CIIE 2024: Shanghai Electric Strengthens Global Partnerships, Driving Sustainable Advancements in Industrial Solutions

Rhea-AI Summary

Shanghai Electric (SEHK:2727, SSE:601727) has signed new strategic cooperation agreements with Carrier Group and SKF China Sales at CIIE 2024. The partnerships aim to enhance Shanghai Electric's R&D capabilities in energy and industrial solutions, focusing on developing and upgrading offerings to support global decarbonization efforts. These collaborations will strengthen the company's innovation in advanced and efficient energy technologies.

Positive

• Strategic partnerships established with major industrial players Carrier Group and SKF
• Enhanced R&D capabilities through new collaborations
• Expansion of technological capabilities in energy solutions

Negative

• None.

Shanghai Electric signed new memoranda of cooperation and strategic agreements with Carrier Group and Svenska Kullagerfabriken AB (SKF) China Sales Co., Ltd. at CIIE 2024

SHANGHAI, Nov. 11, 2024 /PRNewswire/ -- Shanghai Electric  (SEHK:2727, SSE:601727) has ushered in a new chapter for its global cooperation at this year's China International Import Expo (CIIE 2024) by signing new agreements with its partners, advancing its strategic partnerships worldwide as the company sharpens its R&D capabilities to pioneer next-generation energy and industrial solutions.

The new business alliances with Carrier Group and SKF (China) Sales Co., Ltd ("SKF"), which further synergize their innovation in advanced and efficient energy technologies, will allow Shanghai Electric to leverage the partnership to develop and upgrade its offerings designed to empower global decarbonization efforts.

"Shanghai Electric remains dedicated to forging meaningful, forward-looking partnerships globally, sharing in the limitless possibilities of technological progress," said Wu Lei, Chairman of Shanghai Electric. "We are committed to exploring new opportunities and deepening ties with partners to collectively address emerging industry challenges and explore the frontiers of sustainable technology."

The strategic agreement with Carrier Group marks the 37th year of collaboration between the two industry leaders. Under the new framework, Shanghai Electric and Carrier will unite their expertise to advance solutions that align with China's carbon neutral and carbon peak goals, focusing on indoor environmental control, industrial heat pump applications, and sustainable development.

Recognizing the strategic moment to accelerate environmental progress, both companies aim to harness their respective strengths to propel their partnership into new areas of energy-efficient infrastructure and low-carbon initiatives.

Meanwhile, Shanghai Electric's collaboration with SKF will broaden the scope and depth of both companies' contributions to industrial innovation. Harnessing SKF's cutting-edge capabilities in bearings, seals, and lubrication systems, the partnership aims to optimize Shanghai Electric's product structure and improve competitiveness in an increasingly dynamic market.

The collaboration will also include initiatives in comprehensive energy and medical equipment, where both companies will work to provide tailored solutions that support China's national goals in new energy and high-end manufacturing.

By reinforcing partnerships with organizations across its supply chain, Shanghai Electric continues to prioritize technological innovation and remains dedicated to innovations that enhance and optimize industrial solutions. Through ongoing commitment and strategic collaboration, the company aims to be at the forefront of fostering a resilient, sustainable, and advanced industrial landscape for future generations.

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SOURCE Shanghai Electric

FAQ

What partnerships did Shanghai Electric announce at CIIE 2024?

At CIIE 2024, Shanghai Electric announced new strategic partnerships with Carrier Group and SKF China Sales Co., , focusing on energy and industrial solutions development.

What is the purpose of Shanghai Electric's new partnerships announced at CIIE 2024?

The partnerships aim to enhance Shanghai Electric's R&D capabilities and develop advanced energy solutions to support global decarbonization efforts.

Which stock exchanges is Shanghai Electric listed on?

Shanghai Electric is listed on the Hong Kong Stock Exchange (SEHK:2727) and Shanghai Stock Exchange (SSE:601727).