BEIJING, April 8 (Xinhua) -- A subsidiary of French energy giant Total has partnered with a Chinese energy technology firm to tap China's lithium-ion (Li-ion) cell market in the country's drive to a green future.
Saft, the Total subsidiary, has inked an agreement with Tianneng Group subsidiary Tianneng Energy Technology (TET) to set up a joint venture (JV) to expand their Li-ion business in China, according to a statement from Total.
Saft will have a 40 percent shareholding of the new JV, with the remaining held by TET. The JV will mainly focus on the development, manufacturing and sales of advanced Li-ion cells, modules and packs for China and worldwide markets. Manufacturing will be based at Changxing in east China's Zhejiang Province, with a potential capacity of 5.5 GWh.
The two parties also planned to expand the Changxing facility to ramp up its production capacity to meet future growing demand, mainly driven by e-mobility sales and the development of renewables.
The partnership will give Saft access to China's booming battery market as well as highly-competitive mass production capacity to accelerate its growth, said Patrick Pouyanne, Chairman and CEO of Total.
China is the world's largest renewables market, whose Li-ion sector is expected to represent over 40 percent of the global demand by 2025.
Saft, the Total subsidiary, has inked an agreement with Tianneng Group subsidiary Tianneng Energy Technology (TET) to set up a joint venture (JV) to expand their Li-ion business in China, according to a statement from Total.
Saft will have a 40 percent shareholding of the new JV, with the remaining held by TET. The JV will mainly focus on the development, manufacturing and sales of advanced Li-ion cells, modules and packs for China and worldwide markets. Manufacturing will be based at Changxing in east China's Zhejiang Province, with a potential capacity of 5.5 GWh.
The two parties also planned to expand the Changxing facility to ramp up its production capacity to meet future growing demand, mainly driven by e-mobility sales and the development of renewables.
The partnership will give Saft access to China's booming battery market as well as highly-competitive mass production capacity to accelerate its growth, said Patrick Pouyanne, Chairman and CEO of Total.
China is the world's largest renewables market, whose Li-ion sector is expected to represent over 40 percent of the global demand by 2025.
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