(Yicai Global) March 2 -- Dynavolt Renewable Energy Technology Co. plans to spend CNY50 million (USD7.8 million) to set up a joint venture in China's western Xinjiang Uygur Autonomous Region. The joint venture will be engaged in the development, production and distribution of new materials such as high-end electrolytic copper foil for lithium-ion batteries.
Dynavolt signed an investment agreement with three individual investors about the joint venture, in which it will hold 50 percent stake, it said in a statement. The project will help Dynavolt strengthen its competitive edge in the power lithium battery sector and optimize its businesses in the new energy industry, it added.
However, the statement gave no further detail about the size of the lithium copper foil project.
As power lithium batteries become more widely used, demand for lithium copper foil keeps rising. Changji National High-Tech Industrial Development Zone in Xinjiang will offer necessary resources and preferential policies for Dynavolt to set it up.
Dynavolt has built automatic ternary lithium battery production bases in Zhangzhou in southeast China's Fujian province and in Yicheng, Xiangyang, central Hubei province. It also has two battery pack plants in Shanghai and Shenzhen. The Guangdong-based company specializes in the development of high-quality lithium batteries for powering electric vehicles and storing energy at power grids, public data show.