Huixiang Energy Technology Enters Strategic Cooperative Agreements with Gongjue Electric Vehicle and Hiboss Electric Vehicle
April 07, 2021 at 02:00 pm
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Ionix Technology, Inc. announced one of its subsidiaries, Huixiang Energy Technology ("Huixiang") has entered strategic cooperative agreements with Gongjue Electric Vehicle("Gongjue") and HiBoss Electric Vehicle("HiBoss"). Huixiang was incorporated to focus on producing safe, fast charging and long life cycle Electric Vehicle ("EV") batteries, as well as developing its own online sharing platform. Gongjue and HiBoss will purchase power battery and battery packs from Huixiang according to the agreements. Huixiang will cooperate with Gongjue and HiBoss to develop the next generation batteries for EV with faster charge (10 mins charge, 600 KM performance), safer, longer endurance mileage and lower cost performances. Total investment in this project is estimated to be more than a billion RMB Yuan, of which approximately 25% will be necessary in the first phase and which is anticipated to give annual output of 50,000 vehicles. Gongjue and HiBoss will also engage the online sharing platform developed by Huixiang, which will offer online EV sharing services and EV sale services.
Ionix Technology, Inc., formerly Cambridge Projects Inc., through its subsidiaries Well Best International Investment Limited (Well Best), Xinyu Ionix Technology Company Limited (Xinyu Ionix) and Taizhou Ionix Technology Company Limited (Taizhou Ionix), is engaged in developing, designing, manufacturing and selling lithium batteries for electric vehicles in China. The Company's products include 18650-2000 milli-ampere-hour (mAh) lithium ion batteries (LIB) for use in lithium cell electronic bicycles, balance cars, scooters, electric vehicles, special vehicles at low speed, energy storage, and other products. Its LIB is a rechargeable electric device within which lithium moves from a negative electrode to a positive electrode during the discharge and back charging. The four main materials used in its LIBs are cathode materials, anode materials, operators and electrolytic solution. Its LIBs are used as the power supply for devices, such as mobile phones, digital cameras and power tools.