# CATL Takes 5% Stake in CGN Lufeng Nuclear Project, Extends Power Value Chain

CATL entered the shareholder list of CGN's Lufeng nuclear units 3 and 4 on September 24, taking a 5% stake through its Zhaoqing subsidiary\. The initial subscribed capital is 5 million yuan, with a binding cumulative contribution of 570 million yuan under the agreement\.

By China EV Signal
Published: 2026-10-11T06:14:03.615Z
Updated: 2026-10-11T06:14:03.618Z
Canonical article: https://chinaevsignal.com/news/catl-5-percent-stake-cgn-lufeng-nuclear

## Key takeaways

- CATL entered the shareholder list of CGN Lufeng nuclear units 3 and 4 on September 24 with a 5% stake held through its Zhaoqing subsidiary, alongside Mingyang Smart Energy as the joint-highest single private shareholder\.
- CATL's initial subscribed contribution to the Lufeng nuclear project is 5 million yuan, with a binding cumulative contribution of 570 million yuan agreed under the contract\.
- China General Nuclear Power Corporation reported that market-based electricity trading accounted for 65\.9% of total on-grid electricity in the first half of 2026, up about 9\.8 percentage points year on year\.

## 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\.

## Nuclear-Storage and Hydropower Investments

In November 2021, Huining Times, 51% owned by CATL, signed a cooperation agreement with CGN Power Sales to carry out nuclear-storage complementarity, peak shaving and frequency regulation, and shared energy storage businesses\.

In January 2022, the Jiangmen Taishan nuclear-storage complementary project jointly invested by the two sides completed filing\. The project has a planned scale of 1\.3GW/2\.6GWh and total investment of about 6 billion yuan\.

In January this year, Huining Times signed an energy storage project of the same scale in Jiangmen Xinhui, which received environmental approval in February\.

In late 2025, CATL participated in the investment in the Sichuan Dadu River Danba hydropower station with a 10% stake\. The project has a total investment of 15\.273 billion yuan\. Based on a 30% capital ratio, CATL's corresponding project capital is about 458 million yuan, and the project's expected capital internal rate of return is 5\.95%\.

## CGN's Market-Based Trading and Research

China General Nuclear Power Corporation's 2026 half-year report disclosed that market-based electricity trading accounted for 65\.9% of total on-grid electricity in the first half of 2026, up about 9\.8 percentage points year on year\.

CGN's 2025 annual report disclosed that the company is conducting preliminary research on comprehensive nuclear energy utilization around energy storage technology and nuclear-plus-computing power centers\.

CATL has proposed three development directions: global zero-carbon transportation, global zero-carbon electricity, and global industrial new energyization, and is building a new zero-carbon power system\.

## Company coverage

- [Geely news](https://chinaevsignal.com/manufacturers/geely)
- [CATL news](https://chinaevsignal.com/manufacturers/catl)

## Original publisher

高工锂电. Published: 2026-10-10T09:29:49.000Z