Russian Company Acquires Shares Of South Korean Company

The Russian company Rosatom acquires shares of a South Korean company Enertech. Ooo Renera acquired a 49 percent stake in Enertech.

It was stated that the agreement signed with Enertech International Inc., a company that produces electrodes, lithium-ion battery cells and energy storage systems in different capacities, also includes the production of lithium-ion batteries and energy storage systems with a capacity of at least 2 GW hours by 2030 in Russia. While the first phase of production is aimed to start in 2025, it was reported that the Russian company's lithium-ion batteries will be used in electric buses, electric vehicles, special equipment and power grid complex. Rosatom continues its strategic work in developing non-nuclear energy businesses and industries with its partnerships in technology and others. Energy storage systems are an end-to-end technology in Rosatom's portfolio of non-nuclear products. This allows to create high-tech products that are in demand in a new technological order. Commenting on the partnership with the South Korean company Enertech International Inc, TVEL President Natalya Nikipelova said, “The merger with a technology partner is a strategically important stage for the development of Rosatom's business in the energy storage segment. This will increase our production capacity, significantly increase our competencies and developments in the field of lithium-ion batteries, and also open access to foreign markets. In addition, manufacturing in Russia means not only new technologies and products, but also new jobs. "     Source: Bloomberg HT