Shared transportation platform Hellobike announced on Wednesday the establishment of an electric bicycle battery company with a major battery maker and a financial technology firm.
China's Contemporary Amperex Technology Co Ltd, Ant Financial Services Group and the bike-sharing startup will pour in an initial 1 billion yuan ($144.6 million) in the new joint venture, which is primarily engaged in e-bikes' battery-changing services.
The company will install smart battery-changing facilities across the country accommodating a wide portfolio of e-bikes. Users can access services by scanning QR codes on mobile phones.
Hellobike's Chief Executive Officer Yang Lei said the one-stop solution aims to build a solid infrastructure for China's two-wheel mobility industry that sees 1 billion rides on a daily basis.
The service is scheduled to be available in the second half this year and start in second and third-tier cities, where Hellobike has a first-mover advantage.
China had over 2400 million e-bikes by 2017, and domestic production of e-bikes last year reached 400 million, according to data from the China Bicycle Association.