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Hybrid Kinetic Group Ltd Announces Cooperative Agreement Regarding Establishment Of Project Company


Monday, 26 Nov 2012 06:31pm EST 

Hybrid Kinetic Group Ltd announced that on November 23, 2012, the Company entered into the Cooperative Agreement, which is legally-binding, with (i) Jiangsu NewHeadLine, (ii) LianYunGang TianYang and (iii) LETDZ to agree to certain terms, and to record the understanding of the respective parties, in relation to the proposed establishment of the Project Company for the promotion and development of the New Energy Project to be based in LETDZ, Jiangsu Province, the PRC. The New Energy Project proposed to be undertaken, launched and developed by the Project Company in the LETDZ involves the construction of key new energy automobile component production facilities. The production facilities of the New Energy Project will engage in the production of key new energy automobile components, which includes battery materials, super batteries, electric control systems, and electrolyte. The total investment amount of the New Energy Project will be RMB10,000,000,000 (equivalent to approximately HKD12,444,000,000). It is envisaged that the New Energy Project, if successfully implemented, could bring tide of economic and social benefits to the LETDZ, and pave the way for a sound and rapid development of new energy automobiles and automotive components, both in the PRC and globally. 

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