Chinese EV manufacturer completes US$20m investment in Dragon Group arm

It now owns 40% of lithium ion battery firm EoCell.

Chinese electric-vehicle manufacturer Zhuhai Yinlong Energy Co. has completed its US$20m share subscription in investment holding firm Dragon Group International’s unit EoCell, a filing with the Singapore Exchange (SGX) revealed.

Formed in 2015, EoCell is a joint venture between Dragon and Sputnik Energy that aims to explore opportunities in the lithium ion batteries and energy storage market. Zhuhai Yinlong Energy Co. announced on 4 January its proposed investment for 598.8 million shares representing 40% of EoCell’s enlarged share capital.

Following the completion of the subscriptions, 40% of EoCell’s enlarged share capital is owned by Dragon Group International. It has ceased to be a subsidiary of the company.