(Yicai Global) Aug. 2 -- China's light-emitting diode driver power supply manufacturer Inventronics (Hangzhou) Inc. [SHE:300582] will invest USD1.49 million (CNY10 million) in Zhejiang province to set up a wholly-owned subsidiary focused on new-energy vehicle on-board charging products and other similar products.

The group said yesterday that it plans to use its own capital to set up Zhejiang Inventronics New Energy Technology Co. in Zhejiang's Tonglu County. The new entity's scope will cover electric vehicle charging stations, on-board charging products and related electronics.

The Hangzhou-based firm said it intends to acquire Nanjing ZG Power Supply Co., a Chinese leading producer of core new-energy vehicle components. The deal is under negotiation, and the exact price of the transaction has not yet been determined.

Inventronics said that the new-energy automotive industry is strategically important to the firm's development, and in the process of pursuing this field, the company will leverage its technical advantages in the field of LED power supply.

Inventronics' main business is designing, making and marketing LED driver power supply, and the company is looking to expand its new-energy industry presence.