CF Power Expands Its Battery Swap Small business in Beihai Metropolis

TORONTO, Nov. 24, 2022 (Globe NEWSWIRE) — CF Electrical power Corp. (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group”), a major new strength services company in the People’s Republic of China (the ”PRC”) is delighted to announce that the Team has acquired 70% stake in a lucrative local Beihai Metropolis electric (“EV”) automobile battery swap station operator, Beihai Brighton Street New Vitality Ltd. (the “Beihai Company”) in Beihai City, Gangxi Province, the PRC, for a thought of RMB1.24 million with reference to the valuation of RMB 1.77 million for the Beihai Enterprise.

The Firm furnished strategic tips and support to the Beihai Firm in developing the first two EV battery swap stations in Beihai Metropolis, and only done the acquisition when the Beihai Organization achieved all pre-set ambitions of the improvement strategy. Because the initial EV battery swap station became operational on May 23, 2022, by the conclusion of Oct 2022, with equally stations in procedure, the Beihai Corporation had created overall income of RMB1.11 million and EBITDA of RMB0.33 million. The Beihai Firm at this time has 344 registered active taxis as its EV battery swap customers with 90 far more battery swap EV taxis expected to be extra by early up coming calendar year to a total of 434 taxis. There are at the moment 550 taxis in Beihai Town in overall, our clientele accounts for 62.5% of the market place. The approximated 90 new battery swap EV taxis will convey the total current market to 640 taxis, our marketplace share believed to be 67.8%. All of the taxis in Beihai City are battery swap cars, Only Beijing EV and Dongfeng EV are in the government’s supplier record for taxis.

To reinforce the fiscal place of the Beihai Organization, the Team is at this time in the closing stage of raising RMB 14. million of long-phrase financing for the refinancing of the gear and battery inventory, pending inner acceptance treatments of the lending finance establishment.

The Company’s EV battery swap business improvement system in the Beihai Town enlargement has shipped prosperous results. This described circumstance may perhaps be viewed as evidence to display that CF Strength has the skill to capitalize its early mover edge with amassed in depth market place building and functioning practical experience. Many metropolitan areas of very similar dimension and figures in China may well existing refreshing new prospects in the early advancement stage of the EV battery swap marketplaces to the Firm. Though the Corporation will carry on to expand its established EV battery swap marketplaces in Sanya, Haikou, and Beihai City, it will keep its eyes open for good new possibilities in other metropolitan areas.

About Beihai Town

Beihai is a prefecture level town of Guangxi Zhuang Autonomous Region in southern China, an vital node metropolis of Beibu Gulf Urban Agglomeration and Guangxi Beibu Gulf Economic Zone. It has jurisdiction about 3 districts and 1 county, with a whole spot of 3,337 sq. kilometers. In accordance to the knowledge of the seventh census, as of November 1, 2020, the long-lasting inhabitants of Beihai Town is 1,853,227.

About CF Vitality Corp. (Beforehand recognised as: Changfeng Electrical power Inc.)

CF Strength Corp. is a Canadian community enterprise investing on the Toronto Venture Trade (“TSX-V”) less than the inventory image “CFY”. It is an integrated energy provider and purely natural gasoline utility/distribution firm in the PRC. CF Energy strives to blend primary cleanse strength technological innovation with all-natural gas usage to offer sustainable strength for its shopper foundation in the PRC.

Speak to Information and facts

Company Financial commitment Relations
investor.relations@changfengenergy.cn

Charles Wang
Govt Assistant to CEO & Chair of the Board
zhaoyu.wang@changfengenergy.cn

Frederick Wong
Director of the Board
fred.wong@changfengenergy.cn

Mike Liu
VP Funds Market place
mike.liu@changfengenergy.cn

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