Aobo Environmental Technology Limited (NSX:AB9) New Subsidiary and Use of New Manufacturing Facility
New Subsidiary and Use of New Manufacturing FacilitySydney, May 25, 2021 AEST (ABN Newswire) - Aobo Environmental Technology Limited ( NSX:AB9) is pleased to announce that its wholly owned subsidiary Aobo Environment New Energy (Wuxi) Co. Ltd., (AENE) has entered into a Joint Venture agreement with Suzhou Qiang Yi Power Technology Co., Ltd (SQYPT), and that Aobo has completed construction and has commenced use of its new manufacturing facility in Wuxi. The two companies have formed a Joint Venture to be named Aobo Energy Storage Technology (Wuxi) Co., Ltd. (AEST). AEST will have registered capital of RMB 5 million (approx. A$1,003,895), of which Aobo's wholly owned subsidiary AENE will contribute 60% of the registered capital and SQYPT will contribute the balance. AEST's main business will be lithium battery energy storage products R&D and sales.