HK's Hybrid Kinetic buys Zhejiang GBS Energy for $26m

Hybrid Kitetic Group Ltd, a Hong Kong-listed company specializing in manufacturing environment products and automobile axles, has said it agreed to pay about $26 million to buy the Zhejiang GBS Energy.

In a statement filed to the Hong Kong exchange late Monday, Hybrid Kitetic said GBS Energy specializes in the development and manufacturing of certain lithium-ion power battery and power battery pack. The major markets and customers of these products include from vehicle makers and auto-part manufacturers in China's mainland, European countries and the US.

lithium-ion power batteries are one of the most popular types of batteries for portable electronics.

Upon completion of the acquisition, Hybrid Kitetic said it intended to expand GBS Energy's production capacity and use its assembly line to produce higher-end power batteries tailoring for the hybrid vehicles.