Camel Group has become the latest Chinese battery maker set to invest in the takeover of Nissan’s battery business led by private equity firm GSR Capital Advisors.
The announcement came after Zhejiang Unifull Industrial Fibre said it too would invest as a partner in the buyout deal.
Camel is proposing to invest up to $100 million directly or indirectly to become a buyout partner. Under the terms of a framework agreement with GSR— which is subject to the signing of a definitive agreement— Camel will contribute CNY300m ($45.8m) as a “priority” investor in a GSR investment vehicle for new energy batteries and other projects.
Camel said the move will help its own research and production teams to improve its existing new energy battery production lines.
Camel is one of the leading lead-acid battery manufacturers in China and entered the lithium business in 2015.
Last month, Camel signed an investment deal with Malaysia’s prime minister, Najib Razak, to develop, manufacture and sell lead-acid batteries, as well as produce renewable lead and battery-related plastic products (see photo). The business will be run by a wholly-owned Malaysian subsidiary, which Camel said it planned to establish in Kuala Lumpur.
