On June 29, National Business Daily learned that Kandi Technologies Group, Inc. (“Kandi”) has entered into investment agreements to acquire a 51% controlling stake in Hangzhou Xinchu New Energy Technology Co., Ltd. (“Xinchu”) for a total cash consideration of 20 million yuan. Through the investment, Kandi is expanding its business into the AI data center backup power and energy storage market, further strengthening its energy infrastructure layout.

Kandi is an established vehicle company with a history of more than two decades and was listed in the U.S. stock market in 2008. Its core business focuses mainly on off-road mobility products, such as UTVs and golf carts, with most of its business conducted overseas.

Xinchu was founded by a core team with extensive experience in lithium battery backup power for data centers and telecom base stations. Its core products include UPS lithium battery packs, high-rate backup power cabinets and Battery Management Systems, or BMS. These products are capable of millisecond-level response time and 6C high-rate discharge, addressing industry pain points such as instantaneous GPU power surges. The acquisition is expected to help Kandi strengthen its capabilities in stationary energy infrastructure.