Xintai Material and Xinhua Chemical cooperate in LiPF and battery electrolyte additive projects
2021-06-25 15:25:55 [Print]
On 23 June, Tonze Electric announced that its wholly-owned subsidiary and an interest party planned to set up a joint venture.
According to the announcement, Xintai Material, a wholly-owned subsidiary of Tonze Electric, and Xinhua Chemical, the second largest shareholder of Tonze Electric will jointly invest in LiPF, battery electrolyte additive and other projects. Xintai Material will contribute 51% of the total investment of RMB600 million (USD92.82 million), while Xinhua Chemical will contribute 49% of the total investment. The two sides will set up a joint venture named "Jiangsu Tianhua Material Technology Co., Ltd." with a registered capital of RMB250 million (USD38.68 million), while the rest of the investment will act as capital reserves.
The projects target 10,000 tons of LiPF, 76,000 tons of hydrochloric acid, a by-product, 4,000 tons of KBF4 and 500 tons of new-type battery electrolyte per annum.
According to the announcement, Xintai Material, a wholly-owned subsidiary of Tonze Electric, and Xinhua Chemical, the second largest shareholder of Tonze Electric will jointly invest in LiPF, battery electrolyte additive and other projects. Xintai Material will contribute 51% of the total investment of RMB600 million (USD92.82 million), while Xinhua Chemical will contribute 49% of the total investment. The two sides will set up a joint venture named "Jiangsu Tianhua Material Technology Co., Ltd." with a registered capital of RMB250 million (USD38.68 million), while the rest of the investment will act as capital reserves.
The projects target 10,000 tons of LiPF, 76,000 tons of hydrochloric acid, a by-product, 4,000 tons of KBF4 and 500 tons of new-type battery electrolyte per annum.
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