(Yicai Global) Oct. 12 -- Intretech, a Chinese developer of highly automated manufacturing systems, is linking arms with Shanghai Kuaibu New Energy Technology, a maker of battery storage and super charging solutions for electric cars, to build a pilot photovoltaic, battery storage and electric vehicle charging project in Hungary.

The project will provide the power needed to complete the building of the second phase of Intretech’s smart manufacturing factory in Hungary, the company said on Oct. 5. Once in production, the new energy project will provide all its electricity needs in the short term and up to half once it is fully up and running.

The two parties will also provide energy storage solutions to Hungary and ease the pressure from the lack of charging stations for new energy vehicles in the European country, the Xiamen, southeastern Fujian province-based firm said.

It is Shanghai-based KBVIP’s first overseas project, and both Hungary and the whole of Europe have a huge potential market for new energy, said founder Kong Jian during the signing ceremony.

Intretech started to build the smart manufacturing facility, which has a full electronics production line, in Hungary in 2017. The first phase, with an area of 7,500 square meters, came into operation in 2019. Last year revenue from the plant jumped 84.4 percent from the year before.

KBVIP is controlled by electric car battery titans Contemporary Amperex Technology and Baicheng New Energy Technology which have 35 percent and 36.5 percent stakes respectively.

Intretech’s share price [SHE:002925] closed up 0.2 percent at CNY19.58 (USD2.73) today. Earlier in the day it slumped 3.2 percent to CNY18.90.

Editor: Kim Taylor