(Yicai Global) June 2 -- Chinese electric appliance maker Zhejiang Chint Electrics Co. [SHA:601877] plans to spend CNY60 million (USD8.8 million) on a 20 percent stake in in Tianjin Zhongneng Lithium Co., Chint said in a statement.
Founded in 2006, the target company specializes in lithium battery electrode materials, and its products have been exported to a number of countries and regions worldwide.
Zhongneng's net assets were CNY84.5 million at the end of last year. It made CNY16 million in profit on revenue of CNY93.5 million, the statement said. Following the deal, the firm will develop custom lithium strips for Chint and provide technical support to help it develop its graphene business.
Chint has invested heavily in graphene battery research and development over recent years. It bought a 10 percent stake in Spanish graphene battery firm Grabat Energy SL in January 2016, and the pair released the world's first graphene polymer battery last September.