China battery maker Eve and its parent to invest $278m in Huayou Cobalt

China battery maker Eve and its parent to invest $278m in Huayou Cobalt

Photographer: SeongJoon Cho /Bloomberg

Chinese battery maker Eve Energy Co said on Tuesday the company and its controlling shareholder would invest 1.8 billion yuan ($278 million) in cobalt producer Zhejiang Huayou Cobalt via a private share placement.

Cobalt is a key ingredient in lithium-ion batteries for electric vehicles and Eve’s move is the latest strategic investment by a battery or automobile manufacturer looking to forge tighter links with raw material suppliers.

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