- Alibaba Group Holding Limited’s BABA cloud unit collaborated with energy giant Royal Dutch Shell PLC’s SHEL China subsidiary on green, low-carbon digital solutions.
- Specifically, Shell’s coolant liquid will help in Alibaba’s data center for testing and exploring commercialization opportunities, SCMP reports.
- Meanwhile, Alibaba Cloud will help Shell’s China business to digitalize further.
- The companies will also help enterprise clients implement “green, low-carbon digitalization solutions” while exploring electricity trading, green certificate trading, and carbon credit trading.
- It marked the first significant deal since Alibaba Chair Zhang personally took over the cloud unit after a 24-hour-long systems crash in the Hong Kong and Macau region in 2022.
- China’s President Xi Jinping pledged at the United Nations General Assembly in September 2020 to reach carbon neutrality by 2060.
- Alibaba reported third-quarter FY22 revenue growth of 2% year-on-year to $35.92 billion, beating the consensus of $35.76 billion.
- Cloud grew by 3% Y/Y to $2.93 billion. Cloud grew 12% Y/Y to $2.99 billion in Q4 FY21 and 10% Y/Y to $1.59 billion in Q1 FY22. Cloud growth first slowed to 4% Y/Y to $2.92 billion in Q2 FY22.
- Price Action: BABA shares traded lower by 3.50% at $90.86 premarket on the last check Friday.
- Photo via Wikimedia Commons
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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