Benzinga | Sep 21, 2021 08:02AM EDT

Nisun Int'l. Reports Strategic Collab With Shengda Coal To Jointly Develop Supply Chain Services In Energy Industry

Nisun International Enterprise Development Group Co., Ltd ("Nisun" or the "Company") (NASDAQ:NISN), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced that Fanlunke Supply Chain Management (Shanghai) Co., Ltd., a subsidiary of Fintech (Shanghai) Digital Technology Co., Ltd. and a controlled affiliate of the Company, has entered into a strategic collaboration agreement with Shanxi Guoxin Energy Corporation Shengda Coal Co., Ltd. ("Shengda Coal"). Under this agreement, the two parties will enter a joint cooperation to develop supply chain services targeting the coal industry.

Under this cooperation, the two parties will collaborate to improve and upgrade the logistics and operating efficiency of Shengda Coal, leveraging each party's advantages, including Nisun's expertise in supply chain management capabilities and Shengda Coal's resources in the energy industry to optimize supply chain services. Through this cooperation, Nisun and Shengda Coal share resources to maximize financial gains. As a subsidiary of Huaxin Gas Group Co., Ltd. ("Huaxin Gas"), Shengda Coal commands significant market share and peak shaving capabilities, which will provide Nisun with opportunities to grow and expand its presence in the energy industry.

Mr. Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International, commented: "We are pleased to partner with Shengda Coal. This cooperation allows Nisun to continue improving its supply chain management capabilities while gaining practical experience in the energy industry. This strategic partnership further underscores our commitment to elevating our supply chain services for our customers across various industries."

Shanxi Guoxin Energy Corporation Shengda Coal Co., Ltd. is a subsidiary of Huaxin Gas, a state-owned enterprise restructured and organized by three energy giants, which include Shanxi Guoxin Energy Corp., Ltd., Shanxi Gas Group Co., Ltd., and Shanxi International Energy Group Gasification Investment Management Co., Ltd. With about RMB91 billion in total assets, Huaxin Gas has the highest utilization rate of upstream coal bed methane resources, the strongest extraction capacity, the longest midstream pipeline network, the best gas storage and peak shaving capacity, and the largest downstream market share In the coal industry. In addition, Huaxin Gas is the only gas market entity in Shanxi province with the most completed supporting facilities and techniques.