Greater Bay Technology, DFD to build fast-charging battery joint venture

Shanghai (Gasgoo)-

Do-Fluoride New Materials Co., Ltd. (DFD), a Chinese inorganic fluoride chemicals manufacturer, announced on June 24 its board of director has approved the proposal that its subsidiary Guangxi Ningfu New Energy Technology Co., Ltd. (“Ningfu New Energy”) will build with Greater Bay Technology (“GBT”) a joint venture that focuses on manufacturing fast-charging cells.

According to DFD's announcement, the joint venture, temporarily named Guangxi Ningfu Greater Bay New Energy Technology Co., Ltd., will be located in Qingxiu district, Nanning city with a registered capital of 250 million yuan ($37.335 million). Its equity interests will be 60/40 split by Ningfu New Energy and GBT.

Photo credit: GBT

The joint venture will have a business scope that covers production and sales of super-fast-charging lithium ion power pouch stacking cells rated 3C and above.

Under the agreement, the joint venture will build a cell manufacturing line with an initial production capacity of 2GWh. If the duo want to expand the production capacity of super-fast-charging cells and modules, the joint venture should be taken into consideration in priority to take charge of the project.

During the joint venture's operating term, GBT should sell the super-fast-charging cells made by the joint venture in priority. It is not allowed to sell other fast-charging cell products before the sales reach the equal volume to the joint venture's current production capacity.

DFD said the establishment of the joint venture can make both parties fully exercise their advantages in technologies, capital, raw materials, production management, marketing and sales channels, and talent pool, and will help DFD improve its competitiveness.

Founded in Sept. 2020, GBT is the first high-tech company incubated by GAC Group with private investors taking the controlling stake. It is dedicated to the R&D, production, and sales of XFC (eXtreme Fast Charge) batteries, and next-generation high-performance energy storage devices and compatible systems.