SHANGHAI :
Chinese Electrical Machinery Firm, Swiss Battery Maker Will Set Up JV With USD150 Million
Yicai
DATE:  Sep 01 2017
/ SOURCE:  Yicai
Chinese Electrical Machinery Firm, Swiss Battery Maker Will Set Up JV With USD150 Million Chinese Electrical Machinery Firm, Swiss Battery Maker Will Set Up JV With USD150 Million

(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.

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Keywords:   Joint Venture,FZ Sonick,Tianjin Benefo Tejing Electric,Sodium-Nickel Battery,Energy Storage,Switzerland