Hong Kong-listed investment holding company China Innovation has announced plans to buy a stake in Illinois-based battery developer Power Energy Solutions (PES).
Both companies have signed an investment framework agreement, under which China Innovation said it will purchase an undisclosed amount of shares in PES.
China Innovation said its interest in PES is technology developed by the company that could increase the capacity of existing lithium batteries by 80%.
PES teamed up with University of California Riverside in February 2015 to develop a rechargeable lithium-sulfur battery that uses silicon-carbon and selenium-carbon as anodes and a lithium sulfide-carbon cathode, China Innovation said. A US patent application was filed in 2016.
China Innovation said in a statement posted on its web site: “The researchers aim to combine the silicon-carbon anode materials that can deliver up to 1200mAh/g capacity, three times higher than existing graphite anode materials, with the lithium-sulfide-carbon cathode materials, to create a new 450Wh/kg rechargeable lithium-sulfur battery.”
In addition, PES has developed its own equipment that produces the anode and cathode materials for its high-capacity batteries, China Innovation said.
PES, which is based in Mundelein, Illinois, could not be contacted for comment by BBB.
