Tinci Materials and Honeywell reach important agreement to jointly develop a US joint venture

Tianci Materials and Honeywell announced an important framework agreement to establish two joint ventures in the United States, focusing on the production and sales of liquid lithium hexafluorophosphate and electrolytes. According to the agreement, Tianci Delaware, a subsidiary of Tianci Materials, will sell 49% of the shares of Texas Tianci to Honeywell for US$16.66 million. In addition, Delaware Tianci will also subscribe to the additional shares of AEM, a wholly-owned subsidiary of Honeywell. After the subscription is completed, Honeywell and Tianci Delaware will hold 51% and 49% of the shares of AEM respectively. It is reported that AEM plans to invest US$400 million to build a project with an annual output of 100,000 tons of liquid lithium hexafluorophosphate. Texas Tianci plans to build a project with an annual output of 200,000 tons of electrolyte. After the implementation of the equity cooperation agreement, both parties will invest in the project according to their respective shareholding ratios.