April 4, 2019 / 6:35 AM / in 16 days

Energy group Total's Saft arm strikes China batteries deal

PARIS, April 4 (Reuters) - The Saft subsidiary of French energy group Total has struck a new deal to expand its presence in China in the fast growing batteries, energy storage and electric vehicles market.

Total said on Thursday that Saft had signed an agreement with Tianneng Energy Technology (TET) to create a joint venture (JV) to expand their lithium-ion activity.

Manufacturing will be based at the Changxing Gigafactory, with a potential capacity of 5.5 gigawatt hours (GWh), among which several GWh are already in operation.

Total’s Saft arm will have a 40 percent shareholding in the new venture, while Tianneng will hold the remaining shares. (Reporting by Sudip Kar-Gupta Editing by Bate Felix)

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