Gotion High-Tech, Qinghai Salt Lake intend to build JV for energy storage battery production

Shanghai (Gasgoo)- Gotion High-Tech Co.,Ltd. on Dec. 13 inked a framework agreement with Qinghai Salt Lake Industry Co.,Ltd., Chinese state-owned fertilizer maker, to team up on fields like new energy lithium battery, technical R&D, lithium-magnesium material, and talent cultivation, the battery manufacturer announced via its WeChat account. 

Gotion High-Tech, Qinghai Salt Lake Industry; photo credit: Gotion High-Tech

Under the agreement, both parties will set up joint ventures working on producing energy storage batteries and such cathode battery materials as lithium iron phosphate. The yet-to-be-built joint ventures will form in-depth cooperative tie-up by means of cross-ownership.

Leveraging the abundant magnesium resources of Qinghai Salt Lake Industry, the duo will promote cooperation projects in the fields of new materials like magnalium and magnesium lithium alloy. The two companies will also co-explore the possibility of building a joint platform for R&D of new technologies and products in Hefei, capital of Anhui province.

Founded in 1958, Qinghai Salt Lake Industry engages in manufacturing raw chemical materials and chemical products. It currently features the annual manufacturing capacity of 5 million-ton potash fertilizer, 3 million-ton lithium carbonate, and 56,000-ton magnesium alloy. The company has grasped a number of key technologies in extracting lithium from potash fertilizer, sylvite, and salt-lake brine, and also boasts strengths in development of lithium resources.