CATL Joins Lufeng Nuclear Shareholders
CATL entered the shareholder list of CGN Lufeng nuclear units 3 and 4 on September 24, taking a 5% stake through its Zhaoqing subsidiary. Mingyang Smart Energy holds an equal stake, making the two the joint-highest single private shareholders.
CATL's initial subscribed contribution is 5 million yuan. The agreement sets a binding cumulative contribution of 570 million yuan.
Private Participation in Nuclear Projects
Geely took a 2% stake in the first phase of the Sanao nuclear project in 2020. By 2024, when private capital was introduced for the second phase of Sanao, 27 private enterprises had actively registered to participate.
In November 2025, the State Council General Office required that for nuclear and hydropower projects that need state approval and have certain returns, the feasibility of private participation be specially demonstrated, with private shareholdings allowed to exceed 10% in eligible projects.
The first phase of the Shandong Laiyang nuclear project was approved in July 2026 with private capital holding a combined 25%. The Sanao phase three plan disclosed in September 2026 proposes raising the private share to 30%.
Geely's Power Procurement and Cooperation
Geely Technology Group has reached a first-phase power procurement cooperation with CGN for more than 600 million kilowatt-hours, and the two sides are exploring source-grid-load-storage and new energy development businesses.
In April this year, Geely Technology Group Chief Financial Officer Chen Shengjie reviewed the company's earlier investment decisions. Geely expects its annual electricity demand to exceed 10 billion kilowatt-hours in the future.