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Longxing Chemical makes heavy investment in new energy sector

Longxing Chemical Co., Ltd. announced Dec. 4 to participate in the establishment of a new energy industrial fund with own capital of no more than 400 million yuan.

The fund will be used to invest in new energy vehicle and relevant sectors, clean energy sector, and enterprises that cooperate with the new energy sector, as well as other high-yield programs in Shaoyang city of Hunan province.

The fund raised this time will be used exclusively for the construction and production of new energy program in Shaoyang Economic and Development Zone.

The target amount of the fund is 3.01 billion yuan.

On the same day, Longxing Chemical also said to establish a joint venture with Shanghai Tellus Power Technology.

The joint venture has a registered capital of 100 million yuan, in which 51 million is from Longxing Chemical, accounting for 51%, and 40 million is from Tellus Power, accounting for 49%.

On Nov. 12, Tellus Power Group announced to purchase Longxing Chemical. The two sides signed a strategic cooperation agreement, planning to cooperate and deploy in the new energy vehicle sector in Xiongan new area.