On July 10th, FAWER Automotive Parts Limited Company issued a board resolution stating that it had passed the proposal to establish a joint venture company with Miracle Automation Engineering Co., Ltd. for battery material recycling and utilization.
Fawer Smart Energy Technology Co., Ltd., a wholly-owned subsidiary of FAWER Automotive Parts Limited Company plans to jointly establish a joint venture with Jiangxi Miracle Golden Tiger Cobalt Co.,Ltd., a wholly-owned subsidiary of Miracle Automation Engineering Co., Ltd., to carry out battery material recycling business. The registered capital of the joint venture company is Yuan 200 million, of which Fawer Smart Energy Technology contributes Yuan 120 million and holds a 60% stake and Miracle Golden Tiger Cobalt holds a 40% stake with Yuan 80 billion.
Edited by Cassie Li, lixiangying@mysteel.com