Total: agreement with Saft for JV in China
(CercleFinance.com) - Total reports that its Saft battery subsidiary has signed an agreement with Tianneng Energy Technology, a subsidiary of Chinese group Tianneng, to create a joint venture based at the Changxing “gigafactory” site.
Saft will own 40% of this joint venture, which will focus on the development, manufacture and sale of lithium-ion cells, modules and packs. Its main target markets will be bicycles, electric vehicles and energy storage solutions.
This joint venture will enable Saft to significantly increase its presence in the Chinese Li-on market, which will capture over 40% of global demand by 2025, while expanding its global business, Ghislain Lescuyer, Saft's CEO said.
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Saft will own 40% of this joint venture, which will focus on the development, manufacture and sale of lithium-ion cells, modules and packs. Its main target markets will be bicycles, electric vehicles and energy storage solutions.
This joint venture will enable Saft to significantly increase its presence in the Chinese Li-on market, which will capture over 40% of global demand by 2025, while expanding its global business, Ghislain Lescuyer, Saft's CEO said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.