Molecular Data, GY Energy Tech form JV to replace diesel trucks

Molbase launched a stock offering on the NASDAQ market in 2019 - Photo courtesy of NASDAQ

Molecular Data, a China-based chemical trading company operating under the Molbase brand, has signed a joint-venture agreement with GY Energy Tech which will see the company’s diesel trucks replaced by models with electric powertrains.

While the JV covers charging stations and logistics management, the deal also includes a ‘truck battery separation’ element, which covers development of a network of stations for the switching of battery packs.

According to Molecular Data, battery electric trucks can have a discharged battery packs replaced with a fully-charged unit in less than five minutes.

The trucks are also said to be cheaper and lighter than those with fixed battery packs, making them both more financially attractive and energy efficient.

The company reports that high energy consumption and high emissions manufacturing operations are facing increased pressure to reduce carbon emissions. The move away from diesel trucks is expected to help with reducing that carbon footprint.

Molecular Data further reports that diesel truck sales in China will start being phased out from 2030, with Hainan province, an island off the south China mainland, being the first area where sales are banned.

Looking forward, the company is expecting that the battery separation network could be expanded to include power plants, ports, steel mills and mines.