Mitsui Chemicals forms venture with Formosa Plastics Corp
Mitsui Chemicals Inc (MCI) and Formosa Plastics Corporation (FPC) of Taiwan have announced an agreement to form a joint venture company in China to manufacture and distribute electrolyte solution, one of the main components of lithium-ion batteries.
Bolstered by growing smart phone and tablet device demand, the need for lithium-ion batteries which provide large energy capacities in compact sizes has expanded significantly. The market is further expected to grow in line with the expansion of hybrid vehicle and electric vehicle use.
MCI and FPC plan to take advantage of the two companies’ technologies and expertise with electrolyte solution to target early establishment of manufacturing and distribution systems for high quality electrolyte solution to respond to accelerated demand of the Chinese market.