RS Technologies (TYO:3445) on June 3 established a Chinese subsidiary, RS Energy (Shandong) to focus on vanadium redox flow battery (VRFB) research, manufacturing, sales, and strategy, according to a Wednesday filing on the Tokyo bourse.
The new entity, capitalized at 100 million yuan is 61% owned by RS Technologies Group Xiamen, the filing said. Other stakeholders include GRINM Ding Sheng, DeTai Investment Fund, holding 10% stake each, and Kuramoto Energy Partner, with a 19% stake.
The company said the financial impact for fiscal year ending in December will be minimal.
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