Yunnan Aluminium Teams Up With Israel's Phinergy to Offer Alternative to Lithium-Ion Batteries
(Yicai Global) March 1 -- Yunnan Aluminium Co. will cooperate with Israeli company Phinergy Ltd. and its Chinese partner to set up an aluminum-air battery joint venture in Kunming, capital of the southwestern Yunnan province. The cooperation aimed at developing new energy batteries to seize market share in China's booming NEV industry. The deal also expected to help industrialize China's aluminum-air energy sector.>
The joint venture between Yunnan Aluminium, Phinenergy and Shanghai Zuoyong New Energy Technology Co. will focus on research and development, production and sale of aluminum-air energy systems and related products, said a statement from the company. Named Yunnan Phinergy Chuang Neng Metal Air Battery Co., the JV will have a regtered capital of USD128 million.
Shanghai Zuoyong will hold 36 percent stake, while Yunnan Aluminium and Phinergy will each own 32 percent. Yunnan Aluminium will contribute to the joint venture through cash, its exting aluminum-air battery R&D and production equipment and intellectual property rights. The total worth of material items and intellectual property assets contributed will not exceed USD10 million. The other partners will make their contributions in cash, the statement added.
Aluminum–air batteries generate electricity from the reaction of oxygen in the air with aluminum. They have one of the highest energy densities of all sorts of batteries. They are seen as an alternative to lithium-ion batteries.
The new company "will introduce the world's leading aluminum-air battery technology, relying on green and clean water and aluminum resources," the statement said.
Phinergy possesses aluminum-air battery and new energy vehicle battery industrialization technologies. Its products and technologies in emergency backup and new energy power batteries are regarded very mature. It has cooperation deals with leading aluminum companies such as Arconic to realize industrialization and commercialization of aluminum-air battery systems, the statement said.
The industrialization and marketization of the Chinese aluminum-air energy field are still in the early stages, while its market potential enormous. The establhment of th joint venture will help Yunnan Aluminium gain opportunities in the market and eventually create a market scale of over CNY10 billion, the statement added.