Novolyte, Korean Lithium Firm Form Electrolyte JV

摘要

Novolyte Technologies says it has signed a definitive agreement with specialty lithium salt company Foosung to form a joint venture, creating an integrated global producer of lithium battery electrolytes. Novolyte is contributing its energy storage business to the jv, while Foosung, the sole Korean producer and one of four global producers of high purity lithium hexafluorophosphate, will supply its technology to Novolyte, invest approximately $30 million in the jv, and contribute a future lithium salt plant. The jv will retain the name Novolyte Technologies while Novolytes solvents, phosphines, and custom manufacturing business will be renamed Novolyte Performance Materials and will be run by the current management team.