Battery maker to help power HK's innovation-hub drive

The world's largest manufacturer of electric vehicle batteries, mainland-based Contemporary Amperex Technology, will set up a research and development center in Hong Kong.

This would mark another win for the government in promoting the city as an innovation hub, following a similar initiative announced by UK drug giant AstraZeneca last month.

The CATL center to be established at the Hong Kong Science Park is expected to recruit about 500 staff and start operations as early as next year, according to a government source.

Founded in Ningde, Fujian, in 2011, CATL specializes in the manufacture of batteries for electric vehicles, energy storage systems and battery management systems.

According to CATL's website, it is the world's leading new energy supplier for electric vehicle batteries, with a market share of more than 30 percent, and has ranked No 1 in EV battery consumption volume for six consecutive years.

It has wholly owned subsidiaries in Germany, France, Japan, the United States, and Canada and supplies EV batteries to automobile manufacturers, including Tesla, Volkswagen, BMW and Nissan.

CATL's presence and research solutions will promote the development of Hong Kong's new energy technology industry, transportation, infrastructure, and other related technologies, according to the science park.

"CATL will work with Hong Kong Science Park to accelerate the sustainable development of the city's new energy sector and help it develop into an international green technology and financial center," the park said.

CATL founder and chairman Zeng Yuqun will sign the memorandum of understanding with the park today, with Financial Secretary Paul Chan Mo-po also present.

Hong Kong has been stepping up efforts to lure foreign investments, key enterprises, and leading representatives in advanced technology, innovation, and strategic industries.

The government's Office for Attracting Strategic Enterprises announced last month that it attracted more than 30 foreign and mainland companies to set up or expand business in Hong Kong, pledging to invest about HK$30 billion and create about 10,000 jobs in the city, including the drug company AstraZeneca.

The AstraZeneca's research and development center, focused on medicines in cell therapy and gene therapy, is expected to be set up in the Lok Ma Chau Loop by late next year at the earliest.

Speaking at the center's plaque unveiling ceremony last month, Chan said the establishment can inject new momentum into pharmaceutical research and development in the Greater Bay Area, and reinforce the frontier research conducted by distinguished medical research institutions, experts and scholars in the region.

AstraZeneca earlier organized a group of about 80 mainland pharmaceutical and biotechnology enterprises to visit Hong Kong.

The Office for Attracting Strategic Enterprises said it would continue to follow up on these 80 start-ups.

stacy.shi@singtaonewscorp.com