China's NewLink joins hands with Chevron to explore new energy market

Visitors learn about a hydrogen fuel battery-powered installation during the 2022 World New Energy Vehicle Congress in Beijing, capital of China, Aug. 26, 2022. (Xinhua/Ju Huanzong)

China's energy digitalization firm NewLink on Aug. 28 signed a cooperation memorandum with global energy giant Chevron to jointly explore potentials for partnership in the Chinese new energy market, reported Shanghai Securities News.

Combining Chevron's world renowned brands including Caltex and Techron with NewLink's strength in constructing and operating integrated energy terminals, the two sides agreed to work together on the development of new energy infrastructure, which potentially covers cooperation in fields including brand licensing in fuel business, as well as sales and sourcing of additives and lubricants.

Focusing on China's "dual carbon" goals and energy digitalization trend, the two parties also discussed potential cooperation opportunities in sectors such as fuel and natural gas supply and new energy vehicle charging and battery swap services.

The cooperation between NewLink and Chevron is an effort of integrating the development experience of global energy industry with China's innovative practice in energy digitalization, according to Dai Zhen, founder and CEO of NewLink, noting that the cooperation provides a chance for the company to enhance its capability of serving the entire industrial chain of transportation energy.

Under the "dual carbon" goals, tens of thousands of gas stations in China are looking to transform their business into providing integrated energy services, which include supplying multiple categories of energy, as well as developing a variety of commercial formats such as convenience stores, catering, and others.