Xiaomi-backed funds invest in electrolyte supplier F&let
Shanghai (Gasgoo)- Hunan F&let New Energy Technology Co., Ltd. (“F&let”), a Chinese battery electrolyte supplier, recently introduced two Xiaomi-affiliated investment funds—Beijing Xiaomi Smart Manufacturing Equity Investment Partners (Limited Partnership) and Hubei Xiaomi Yangtze River Industry Investment Fund Partners (Limited Partnership)—as new shareholders, according to the corporate data inquiry platform Qichacha.
Meanwhile, the registered capital of F&let was increased by 11.11% to 131,968,888 yuan ($19,744,300).
As one of the new investors, Beijing Xiaomi Smart Manufacturing Equity Investment Partners (Limited Partnership) was incorporated on September 18, 2021. It features a business scope that covers equity investment, venture capital investment, and investment management. Beijing Xiaomi Corporate Management Co., Ltd. is its executive partner and also among its lineup of shareholders.
Photo credit: F&let
Founded in 2014, F&let is dedicated to the R&D, production, sales and technical service of rechargeable batteries, lithium-ion battery electrolyte, lithium-ion battery electrolyte additive, sodium-ion battery electrolyte, and fine chemicals, according to the corporate introduction posted on the company's official website. It currently has two production bases, which are located in Changsha of Hunan province and Jiaozuo of Henan province.
On February 22, 2022, F&let signed an agreement to build a lithium-ion battery electrolyte manufacturing base in Anqing, Anhui province with 500 million yuan ($74,806,650) to be poured. Upon completion, the project is expected to feature an annual production capacity of 100,000-tonne electrolyte and output a production value of 6 billion-8 billion yuan ($897.68 million-1.197 billion).
A research by EVTank predicts that the global demand for lithium-ion battery electrolyte will reach 2.163 million tonnes by 2025 and 5.485 million tonnes by 2030, of which more than 85% will be met by Chinese enterprises.
In the power battery sector, Xiaomi has invested in such battery makers as Ganfeng LiEnergy, SVOLT, CALB, and WeLion.
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