Two Chinese shareholders have put a total of 30% of shares in Samsung SDI's joint venture battery company on the market, according to China’s Tianjin Property Rights Exchange (TPRE).
Samsung SDI (Tianjin) Battery Co., Ltd. (SDITB), set up in China in 2015 October, is a manufacturer of rechargeable lithium-ion batteries.
Chinese battery maker the Camel Group is investing EUR30 million ($35.3m) in Croatian electric vehicle technology firm Rimac Automobil.
Zagreb-based Rimac, whose products include battery packs and battery management systems for the automotive, nautical and bicycle markets, said the deal represented the “single largest foreign direct investment in a Croatian technology company”.
South Korea is backing plans by the country’s battery giants to inject a total of KRW2.3 trillion ($2.3 billion) into the sector over the next three years, to expand production and challenge China’s increasing dominance of the market.
The move, led by battery giants LG Chem, Samsung SDI and SK Innovation Companies is in response to Chinese sanctions the firms say effectively block the use of South Korean batteries in electric vehicles in China.
Advanced battery firm Gridtential has completed an $11 million Series B equity raise to boost “commercial opportunities” for its Silicon Joule battery technology in hybrid vehicle, grid storage and other global markets.
Gridtential said the equity raise was led by US-based venture capital firm, 1955 Capital, with leading battery businesses.
California energy storage start-up Romeo Power— which boasts a workforce including “top engineers and designers” from business rivals Tesla— has secured $30 million in seed financing.
Romeo said on 24 August it was now pushing ahead with the installation of a fully-automated 113,000 square-foot manufacturing facility in Los Angeles that is set to be ready by the year’s end.
New German company TerraE Holding GmbH has formed a consortium of 17 major companies and research institutions – and plans to construct two large-scale lithium-ion battery cell production plants in the country.
CEO Holger Gritzka (pictured) says the factories will be operated as “foundries”, meaning that TerraE Holding GmbH will build and operate them, and produce lithium-ion cells according to customers’ specifications.