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HONG KONG, July 27, 2010 - (ACN Newswire) - China Innovation Investment Limited ("China Innovation", Stock Code: 1217.HK) is delighted to announce that, the Company's investment flagship on solar batteries, (Topsun Creation Limited, "Topsun Creation"), its subsidiary Energy Technology Limited, "Topsun Creation China") has entered into a JV agreement with Dr. Sun Runguang and Dr. Tang Hao, the lithium battery experts, to form a joint venture in China at a registered capital of RMB 50 million, with a view to expanding the field of lithium batteries by production and sale of the materials for the positive electrode of lithium battery.
China Innovation announced that, Topsun Creation China entered into a JV agreement with Dr. Sun and Dr. Tang yesterday, both parties agree to form a joint venture in China with a registered capital of RMB 50 million, the participations in the joint venture by Topsun Creation and Dr. Sun and Dr. Tang shall be 77.5% and 22.5%, respectively.
Pursuant to the agreement, Topsun Creation China will make capital contribution by cash and provide intellectual property as valued by independent valuer, the aggregate amount of which is not less than RMB 46 million, representing 77.5% of the registered capital of the joint venture, while Dr. Sun and Dr. Tang will make capital contribution by cash and provide patent technology, the aggregate amount of which is RMB 4 million, representing 22.5% of the registered capital of the joint venture. The proposed joint venture will be named as (transliterated as Topsun Energy Limited), which mainly involves in the production and sale of the materials for the positive electrode of lithium battery business. The operation period is expected to be 30 years, provided that the establishment of joint venture got the approval by the PRC governmental authorities.
Dr. Sun was graduated from the University of Tokyo and acted as a post-doctoral
fellow in the Ohio State University, US and device scientist of DuPont. In 2002, he returned to the PRC and act as a professor and doctoral supervisor. Dr. Sun is also the strategic expert of "Major high-definition LCD display" for the Ministry of Science and Technology, the information display expert of" Eleventhfive year plan and 2020 long and mid-term plan of the Ministry of Industry and Information Technology and the evaluation expert for National Science Foundation Commission, Project 863, the National Development and Reform Commission and Shanghai Science and Technology Commission.
Dr. Tang is a doctoral graduate from the Shanghai University in material science. He has over 5 years of experience in the development and production of lithium iron phosphate materials and batteries as well as experience in the establishment of lithium iron phosphate materials and batteries plants. He has profound knowledge in the combination of lithium iron phosphate materials and preparation of batteries.
Being a limited liability company incorporated in Shenzhen, Topsun Creation China is well-equipped with advanced solar energy storage technologies and research and development team. The company was mainly dedicated to the research and development as well as marketing in the area of the lead acid batteries with energy-saving batteries for new energies as its major products. The characteristics of such product are high volume, whole sealing and maintenance free. The joint venture will acquire the franchised technology of the lithium iron phosphate, materials for the positive electrode of lithium battery through the establishment of the joint venture with venture partners, by which, Topsun Creation can further expand its business into the production and sale of lithium batteries.
The proposed formation of the joint venture by Topsun Creation China and venture partners for the expansion of the lithium ion battery market can strengthen Topsun Creation's capacity in the "new energy" business. It also goes with the development trend of "new energy" for China and the world.
Contact:
Carmen Lee
Investor Relationship Department
China Innovation Investment Limited
Email: carmen.lee@1217.com.hk
Tel: +852 2111 9988
Direct: +852 2155 6275
Mobile: +852 6301 6611
Fax: +852 2111 9989
Topic: Press release summary
Source: China Innovation Investment Limited
Sectors: Daily Finance, Energy, Alternatives, Alternative Energy
https://www.acnnewswire.com
From the Asia Corporate News Network
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