Financial regulators in China have given Tianneng Energy Technology the green light to spin-off its batteries division to “expand and transform” its lead-acid and lithium-ion manufacturing operations.
Tianneng said the spin-off would focus on R&D, manufacture, sales and “ancillary services” for lead-acid, lithium-ion and other “new energy batteries”.
The remainder of the group will concentrate on investment management and recycling activities— including the manufacture and sale of recycled lead, alloys and plastics.
The spin-off proposals were approved earlier this month by financial regulators in China, Tianneng chairman Dr Zhang Tianren (pictured) said in a Stock Exchange of Hong Kong announcement. He said the board backed the move as being in the interest of the group and its shareholders.
Dr Zhang did not say when the spin-off would take place, but he said Tianneng would remain the “ultimate controlling shareholder” of the new company.
BEST Battery Briefing reported earlier this month that Tianneng had formed a joint venture with France’s Saft to expand lithium-ion manufacturing and “scale up e-mobility and energy storage businesses”.