(Yicai Global) Sept. 1 -- Chinese electrical machinery company Tianjin Benefo Tejing Electric Co. [SHA:600468] and Swiss energy storage system developer FZ Sonick SA will set up a joint venture with a total investment of USD150 million (CNY1 billion). The former will hold a 51-percent stake in the JV.
The Tianjin-based firm said yesterday that it has entered into a framework agreement with its Swiss partner.
Benefo Tejing Electric will make a capital contribution to acquire the majority shareholding, and FZ Sonick will contribute cash and technology for the remaining 49 percent.
The new company will specialize in sodium-nickel battery products as well as energy storage and backup equipment and solutions. It will integrate production, development and sales of such products.
FZ Sonick's website says it is a manufacturer of "batteries based on the innovative Sodium Nickel Chloride Technology" for energy backup, sustainable mobility and energy storage applications.