Mitsui Chemicals in JV with Formosa Plastics Corporation for Electrolyte Solution
Tokyo, Dec 27, 2012 (JCN) - Mitsui Chemicals, Inc. (MCI) and Formosa Plastics Corporation (FPC) of Taiwan announced an agreement on December 27 to form a joint venture company in China to manufacture and distribute electrolyte solution, one of the main components of lithium-ion batteries.
Bolstered by growing smart phone and tablet device demand, the need for lithium-ion batteries which provide large energy capacities in compact sizes has expanded significantly. The market is further expected to grow in line with the expansion of hybrid vehicle and electric vehicle use.
MCI and FPC plan to take advantage of the two companies' technologies and expertise with electrolyte solution to target early establishment of manufacturing and distribution systems for high quality electrolyte solution to respond to accelerated demand of the Chinese market.
MCI and FPC are to hold 50% each of the new company, to be located in the industrial complex of FPC Ningbo, China. The plant will produce 5,000 tons/year in the first phase, with a total investment of approximately US$ 20 million.
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