Novolyte Technologies, a portfolio company of Arsenal Capital Partners, has signed an agreement with Foosung to form a new joint venture company for the production of lithium battery electrolytes.
Under the agreement, Foosung will provide technology support to Novolyte and invest $30m in the project, and contribute to a future lithium salt plant.
Novolyte will contribute its energy storage business to the joint venture.
Novolyte will rename its solvents, phosphines, and custom manufacturing businesses Novolyte Performance Materials after the formation of the new company, it said.
The joint venture is expected to be completed in the fourth quarter of 2010.
