Chinese lithium-ion battery developer Forever New Energy raises $20m

Photo: Reuters

Shandong Forever New Energy, a Chinese firm that develops lithium-ion batteries for new energy vehicles, has entered into a reorganisation agreement with the country’s energy technology firm Jiangsu Tiankai to raise almost $20.41 million.

Upon completion of the transaction, Jiangsu Tiankai will own a 50 per cent stake in Shandong Forever New Energy, and the registered capital of the investee will be increased from nearly $20.41 million to about $40.82 million, Honbridge Holdings Limited revealed in a recent filing with the Hong Kong stock exchange.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter