CHENGDU, Dec. 12 (NBD) -- Hubei Yangtze River Industry Fund, together with Shanghai NextEV and Wuhan East-lake Hi-tech Development Zone, signed an agreement last Sunday.

This agreement stipulates to establish “Hubei Yangtze River NextEV new energy industry development fund” worth 10 bln yuan (about 1.4 bln US dollars) to build an intelligent new energy vehicle industrial park (the Park) in the Optical Valley, focusing on investment in electric vehicles, intelligent drive, new energy and new material.

According to the agreement, a total of 20 bln to 30 bln yuan (2.9 bln to 4.3 bln US dollars) shall be invested in building the Park into a world-class industrial cluster gathering research, manufacturing and innovating enterprises of new energy vehicles.

The Optical Valley, located in Wuhan, Hubei Province, is China’s biggest photoelectron information industry base.

Shanghai NextEV, founded in 2014, engages in the research and development of high-performance intelligent electric vehicles.