On August 4, Shanghai Emperor of Cleaning Hi-Tech Co., Ltd. announced that, the company intends to sign a Joint Venture Capital Contribution Agreement with Grirem Advanced Materials Co., Ltd. to jointly invest in establishing a new company to accelerate the development of its lithium sulfide business.
The new JV will have a registered capital of Yuan 200 million, with Shanghai Emperor of Cleaning Hi-Tech contributing in both cash and non-monetary assets, subscribing to Yuan 165 million (82.5% stake), while Grirem will invest Yuan 35 million (17.5% stake) in cash. In addition, its business scope covers R&D of new material technologies, manufacturing of electronic specialty materials, R&D and sales of electronic specialty materials, sales of high-purity elements and compounds, sales of non-ferrous metal alloys, R&D of emerging energy technologies, among others.
The establishment of this joint venture follows Shanghai Emperor of Cleaning Hi-Tech's recent acquisition of Grirem's lithium sulfide-related assets for no less than Yuan 110 million.
It is reported that lithium sulfide material is a new product independently developed by Grirem, primarily used as a raw material for sulfide solid-state electrolytes and has already achieved small-scale commercial sales.
Edited by Cassie Li, lixiangying@mysteel.com
