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Health group Evergrande prescribes move into batteries

Thu, 02/07/2019 - 11:34 -- Hugh Finzel

The Evergrande Health Industry Group is to reportedly pay CNY1.06 billion (US$156m) to to secure a majority stake in Shanghai-based automotive battery maker Shanghai CENAT New Energy.

According to Reuters, Evergrande will receive 58.07% of Shanghai CENAT from electrical instruments maker Shenzhen Clou Electronics, in exchange for the funds.

Shanghai CENAT, founded 2010, is a Sino-Japanese joint venture that manufactures lithium-ion batteries used in plug-in hybrid electric vehicles (PHEVs), and pure electric vehicles. The company has production plants in Guangxi, Jiangsu, and Jiangxi, in addition to Shanghai.

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