Core Viewpoint - The establishment of Jichai Times, a joint venture between China National Petroleum Corporation (CNPC) and Contemporary Amperex Technology Co., Limited (CATL), marks a significant step in expanding the energy storage ecosystem in China, focusing on lithium-ion battery storage systems [2][4]. Group 1: Company Formation and Structure - Jichai Times was officially established on August 19, with a registered capital of 77 million RMB, focusing on energy storage technology services, battery manufacturing, and related sales [2]. - The joint venture is owned 60% by CNPC's subsidiary Jichai Power and 40% by CATL, indicating a strong partnership between a state-owned enterprise and a leading private sector player in the energy storage market [2][3]. Group 2: Strategic Implications - The collaboration allows CATL to enhance its credibility in grid and industrial projects, leveraging CNPC's state-owned status to build trust in the energy storage sector [4]. - For Jichai Power, this partnership represents a strategic move to deepen its energy storage initiatives and create new growth opportunities, integrating its resources into the renewable energy supply chain [4].