August 5 (Renewables Now) - Malaysian battery and energy storage company Trive Property Group Bhd (KLSE:TRIVE) has terminated its joint-venture (JV) agreement with China-based Jiangxi Fujing New Energy Technology Co Ltd (JFNET) due to the impact of the US safeguard tariffs on solar cell and module imports from Malaysia.
Trive agreed with the Chinese company in November 2017 to set up a 50/50 JV, named Daima Fujing New Energy Technology Sdn Bhd (DFNET). The partners planned to carry out research and development (R&D), assembly, production, distribution and marketing of photovoltaic (PV) products. The JV presented an opportunity for Trive, which mainly operates in the green energy storage field, to develop its solar business in a bid to capture additional earnings.
On July 31, Trive announced that the parties had mutually terminated their JV agreement.