Guangzhou Tinci Materials Technology (SHE:002709) and Honeywell International signed two equity purchase agreements to form joint ventures for producing and selling lithium hexafluorophosphate and electrolyte products.
The agreements serve as a framework for future detailed agreements and project collaboration, according to a Wednesday filing with the Shenzhen bourse.
Delaware Tianci will transfer 49% of the equity of its wholly-owned subsidiary Texas Tianci to Honeywell International for an expected consideration of $16.7 million. Texas Tianci will focus on producing and selling electrolytes with plans to construct a 200,000-ton-per-year facility.
Also, Delaware Tianci will subscribe to newly issued shares of Advanced Energy Materials, with the transaction resulting in Honeywell Industrial and Delaware Tianci with respective stakes of 51% and 49%. Advanced Energy Materials plans to build a 100,000-ton-per-year lithium hexafluorophosphate production facility.
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