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. Under the agreement the two companies will set up a new-energy joint venture, which IBM calls one of its biggest business projects of the decadein China.
The cooperation consists of three parts: IBM will invest in the energy saving and emission reduction based energy services of ENN Group; the two companies will set up an information technology company on intelligent energy; and IBM then becomes a strategic partner of ENN Group.
In addition, the parties will integrate their resources and explore ways to develop innovative energy services, promote an intelligent city 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, the president of ENN, IBM would invest CNY400 million in IT and at least CNY1 billion in energy each year. Wang said that the intellectual property rights of the energy technology developed during this 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 its customers.
