The Beidou Microchip Tianjin Company and China Power Group's China Hydroelectric Power Bureau recently signed a strategic agreement.

According to the agreement, both sides will cooperate in the second phase of the Tianjin Geographic Information Innovation Park in Binhai New Area and launch the Beidou Industrial Foundation project. Both projects will be completed in two years.

The projects will help standardize information sharing through the integration of the resources of the geographic information industry. Simultaneously, they will promote the regional geographic information industrial chain and the industrialized development of the area.

The Beidou Industrial Foundation will be in Tianjin's Innovative and High Technological Future Science Park. The foundation's total investment will be 1.5 billion yuan ($241.65 million), with a total construction area of 120,000 square meters.

Beidou Microchip is a corporation dedicated to researching innovative and high technologies of receptive chips. The corporation is a leader in satellite navigation technology, monitoring facilities, hardware manufacturing and software development.

The corporation will establish chip R&D and production foundations, hardware and software development centers, and data management and operations centers.