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Chinese firm joins Nissan battery buyout deal

Fri, 08/25/2017 - 14:40 -- News Editor
Chinese firm joins Nissan battery buyout deal

A Chinese lithium battery manufacturer is chipping in up to $100 million to join the takeover of Nissan’s battery business by Chinese private equity firm GSR Capital Advisors.

Zhejiang Unifull Industrial Fibre said in a stock exchange filing it had signed a framework agreement with GSR Capital to become a partner in funding the Nissan deal, which Nissan confirmed earlier this month.

Under the terms of the framework agreement, Unifull said it would have “priority” in taking part in any future Nissan battery projects in mainland China.

In addition, Unifull said its Jiangsu Zhihang New Energy subsidiary is expected to apply Nissan’s technology to its own automotive battery research and development.

According to Unifull, GSR’s Nissan battery business buyout fund is currently worth about $1 billion and is expected to grow to $1.25bn.