April 5 (Renewables Now) - Saft Groupe SA and Chinese privately-owned company Tianneng Energy Technology (TET) have signed an agreement to form a joint venture (JV) to expand their Lithium-ion battery business, the French battery maker said Thursday.
Saft, a unit of French oil company Total SA (EPA:FP), will hold a 40% stake in the JV, leaving the controlling interest to TET.
The JV will be focused on making cells and advanced Li-ion technology modules for electric bicycles, electric vehicles (EVs) and energy storing solutions, targeting Chinese and global markets.
The facility in Changxing will be in charge of battery production. The plant has a potential capacity of 5.5 GWh, which the duo plans to expand to meet future demand.