Geely Holding and the Concordium Foundation will jointly finance the establishment of a Geely Holding Blockchain Innovation & Application Center located in Wuxi, China. The purpose of the joint venture is to further develop blockchain technologies and improve blockchain standards in the automotive industry and other industries. The joint venture will use Concordium's Blockchain technology to become a leading Blockchain Technology- and Service Provider in China. Moreover, the joint venture will offer Concordium access to hundreds of developers, innovative new use cases and a variety of tools and applications which can serve the Concordium ecosystem.