Global IT giant IBM has turned its eyes to China's new energy industry.
IBM has signed a range of cooperation agreements with China's ENN Group. The two companies will set up a joint venture for new energy, which IBM calls one of its biggest business projects in China in the recent decade.
The cooperation consists of three parts: IBM invests in the energy saving and emission reduction energy service of ENN Group; the two companies set up an information technology company on intelligent energy; IBM becomes a strategic partner of ENN Group.
In addition, the parties will integrate resources and explore ways to develop innovative energy services, promote the start of a smart city grid program in China and build a low carbon economy among Chinese cities and enterprises. They will also shift to the American market following their development in China.
According to Wang Ying, president of ENN, IBM will invest CNY400 million in information technology infrastructure but at least CNY1 billion on energy each year. Wang said that the patents of the energy technology developed during their cooperation will belong to the Chinese company.
ENN Group is a Chinese company committed to the development and utilization of clean energy. The company says its goal is to use innovations in clean energy production to improve the quality of life and standard of living of our customers.