Huawei Technologies will spend 4 billion yuan ($632.52 million) to build a new headquarters and R&D centre for its digital power unit as the Chinese telecom giant diversifies amid U.S. pressure. It signed an agreement on Thursday with the local government of the southern metropolis of Shenzhen, where its parent is headquartered, for the project.
The signing was part of a larger event held by Shenzhen to mark the launch of new construction projects in the city. Huawei's project was conducive to promoting the 'dual carbon' supply chain, referring to China's goal of reaching its carbon emissions peak before 2030 and becoming "carbon neutral" before 2060.
Huawei has been trying to diversity its portfolio beyond its core telecoms and smartphone businesses, which have been hit hard in recent years by U.S. export restrictions.
In January, Huawei Digital Power and China Resources Power Holdings Co Ltd (0836.HK), which operates coal-fired power plants across China, signed a cooperation agreement to develop clean energy projects such as big data platforms for solar panels, energy storage systems, and smart power plants.
