Balazs Weingartner (Rear), chairman of the Hungarian Mobility Development Agency, speaks during a signing ceremony in Budapest, Hungary, on May 21, 2024. China's NIO, a leading global smart electric vehicle (EV) company, announced a strategic partnership with Hungary's Istvan Szechenyi University Foundation here on Tuesday. (Photo by Attila Volgyi/Xinhua)

China's NIO, a leading global smart electric vehicle (EV) company, announced a strategic partnership with Hungary's Istvan Szechenyi University Foundation here on Tuesday.

This collaboration aims to accelerate the green transformation of the automotive and energy sectors in both China and Hungary. The partners plan to develop new cutting-edge technologies.

"Today we witness a new agreement between a successful Chinese company and a Hungarian university," Marton Nagy, minister for national economy said at the event where the educational and innovation cooperation agreement was signed.

Nagy emphasized the significance of this collaboration for the Hungarian economy, highlighting Hungary's goal to become a meeting point for Eastern and Western capital and high-tech.

"This signifies a research and development system that significantly contributes to the multiplier effect of Chinese investment on Hungarian GDP," the minister said.

He stressed the need for a strong and competitive European car manufacturing industry to boost performance and accelerate the adoption of electric vehicles and the green transition.

"EVs represent Europe's future, with innovative solutions and international cooperation playing a crucial role," he said.

The cooperation agreement includes developing and implementing integrated photovoltaic (PV) storage-charging technology, creating a seamless energy ecosystem with interaction services between stations and the grid (S2G), optimizing the use of EV batteries for energy storage to support the grid during peak times (V2G), and advancing battery management and diagnostics to extend the life and performance of EV batteries.

Gong Tao, Chinese ambassador to Hungary, said at the event that the fight against climate change is a global challenge. As such, the automotive industry faces significant changes.

"China has made special efforts and achieved significant results in developing the green transition. Chinese companies contribute to the sustainable development of the global economy through research and solutions, including Chinese new energy vehicle companies established in Hungary, such as NIO," he said.

"We are thrilled to partner with the Szechenyi Istvan University Foundation. This partnership not only strengthens our commitment to the European market but also paves the way for significant advancements in sustainable energy and mobility," Zhang Hui, NIO Group vice president said.

By inspiring innovation and fostering educational opportunities, the China-Hungary collaboration will drive the transformation of the automotive industry from within Europe, to benefit Europe and beyond, he added.

NIO will support training programs at the university's innovation park with essential materials and facilities, including power charging and swapping stations. In addition, the partnership will explore synergies in performance engineering, vehicle safety, and the development of innovative BEV technologies, NIO said in a press statement released following the event.

"We continuously explore the market to identify new responsibilities, factories, technologies, and innovative ideas in the E-mobility sector. We recognized that NIO offers advanced technology with their rechargeable systems, PV storage, and vehicle-to-grid solutions," Balazs Weingartner, chairman of the Hungarian Mobility Development Agency told Xinhua.

"We aim to determine how this technology can be implemented in Hungary and explore the possibility of establishing new recharge stations for NIO. Additionally, we seek to improve vehicle-to-grid and SE-to-grid technologies together," Weingartner noted.

Zhang Hui (Rear), NIO Group vice president, speaks during a signing ceremony in Budapest, Hungary, on May 21, 2024. China's NIO, a leading global smart electric vehicle (EV) company, announced a strategic partnership with Hungary's Istvan Szechenyi University Foundation here on Tuesday. (Photo by Attila Volgyi/Xinhua)

Representatives of China's NIO Group and Hungary's Istvan Szechenyi University Foundation sign an agreement in Budapest, Hungary, on May 21, 2024. China's NIO, a leading global smart electric vehicle (EV) company, announced a strategic partnership with Hungary's Istvan Szechenyi University Foundation here on Tuesday. (Photo by Attila Volgyi/Xinhua)

Balazs Weingartner, chairman of the Hungarian Mobility Development Agency, speaks during a signing ceremony in Budapest, Hungary, on May 21, 2024. China's NIO, a leading global smart electric vehicle (EV) company, announced a strategic partnership with Hungary's Istvan Szechenyi University Foundation here on Tuesday. (Photo by Attila Volgyi/Xinhua)

Gong Tao (Rear), Chinese ambassador to Hungary, speaks during a signing ceremony in Budapest, Hungary, on May 21, 2024. China's NIO, a leading global smart electric vehicle (EV) company, announced a strategic partnership with Hungary's Istvan Szechenyi University Foundation here on Tuesday. (Photo by Attila Volgyi/Xinhua)

Marton Nagy, Hungarian minister for national economy, attends a signing ceremony in Budapest, Hungary, on May 21, 2024. China's NIO, a leading global smart electric vehicle (EV) company, announced a strategic partnership with Hungary's Istvan Szechenyi University Foundation here on Tuesday. (Photo by Attila Volgyi/Xinhua)