Jiangsu HSC New Energy Materials (SHA:688353) plans to set up a joint venture in partnership with two entities, according to a Shanghai bourse filing on Saturday.
The venture, Hubei Huafeng Green Energy Renewable Resources, will have a registered capital of 100 million yuan. It will invest 360 million yuan in the construction of a waste incineration and recycling center in Xiaogan City, Hubei, China. The center will treat 144,000 tons of solid, liquid, and gaseous hazardous wastes every year.
The Chinese lithiumion battery electrolyte additives manufacturer will own 70% of the venture after contributing 70 million yuan into its capital.
The other venture partners, Yixing Fuding Environmental Engineering, a subsidiary of the company, and Hubei Mengze State-owned Capital Investment & Operation Group, will own 20% and 10% of the venture, respectively.
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