(Yicai Global) Sept. 5 -- Camel Group Co. [SHA:601311] will work together with GSR CAPITAL to participate in the latter's acquisition of Nissan's power battery unit.
The two parties will also embark on a series of capital and technical cooperative ventures.
Camel has struck cooperation framework agreements with GSR GO Scale Capital Advisors under GSR CAPITAL and Hubei GSR Investment (LLP), per an announcement by the automobile cell manufacturer yesterday.
The company or its surrogate plans to buy a stake in a buyout fund GSR CAPITAL Advisors established to acquire Nissan's power battery unit for up to USD100 million, the announcement said.
Nissan's power battery unit, which GSR CAPITAL exclusively acquired, will help the listed company train its research and development (R&D) and production teams and improve its existing new energy battery production line, said the company.
GSR CAPITAL or the new energy battery company under its designated investment company will build a regional battery plant and an R&D center. Total capacity, including existing capacity, will be at least 4.5 gigawatts per hour.
Camel will also invest CNY300 million in GSR CAPITAL's investment platform and enjoy first-refusal for additional investment in the next-generation of fuel cells and other fields.
GSR GO Scale Capital Advisors and Nissan signed an exclusive acquisition agreement to acquire the latter's power battery unit in early August.