Cleveland, Ohio-based Novolyte Technologies has signed an agreement with Seoul, Korea-based Foosung for a joint venture to produce lithium battery electrolytes.
The press release on the JV stated -
That under deal terms, Foosung will supply its technologies to Novolyte, contribute USD 30m to the JV, and contribute a lithium salt plant, while Novolyte is will place its energy storage business under the joint venture.
The release credited Novolyte with saying that the JV will use the name Novolyte Technologies and that its solvents, phosphines, and custom manufacturing business will be renamed Novolyte Performance Materials and remain under its current management team.
The release stated that the JV is expected to begin operations in the fourth quarter of 2010 once Novolyte completes the separation of its Performance Materials business and Foosung completes governmental approvals in Korea.
Source: PR Newswire
