GCL Energy updates funds supervision agreements post project changes

GCL Energy Technology (SZSE:002015) has announced the signing of supplemental agreements to its existing three-party and four-party supervision agreements for raised funds, alongside new four-party supervision agreements. The move follows adjustments to the company's capital expenditure, including the termination of the "New Energy Vehicle Battery Swap Station Construction Project" and reallocation of funds to other initiatives. These projects include "New Energy Vehicle Charging Station Construction Project", distributed photovoltaic (PV) power station construction, and novel energy storage projects. The total gross proceeds were CNY 3,764,999,897.80, with net proceeds of CNY 3,720,704,715.84 after deduction of issuance expenses. The agreements ensure the proper management and utilization of funds according to regulatory requirements. China International Capital Corporation (CICC) serves as the custodian. The company's board of directors approved these changes on March 19, 2025.