Yesterday, China Sun Group High-Tech Co. announced that it has signed a contract with Henan Huanyu Sai Er New Energy Technology Co., Ltd., a subsidiary of Henan Huanyu Power Source Co., Ltd., for 470 tons of lithium iron phosphate (LIP). China Sun Group, a vertically integrated supplier of raw materials for rechargeable Lithium-ion batteries in China, will deliver a minimum of 470 tons of LIP to Sai Er New Energy throughout 2011.
As outlined in the contract, China Sun will send Sai Er New Energy product research materials and offer technical engineering consultancy services in order to provide the customer with a complete end-to-end solution. These terms last for the duration of the contract.
In other news, China Sun also announced that it has sold 40 tons of LIP to Huanyu Power Source under an agreement that was announced in September 2010. China Sun’s management has projected that it will deliver 60 tons of LIP to Huanyu Power Source by the end of the year.
Huanyu Power Source Co., Ltd. has established a hi-tech industrial park engaged in the production of Nickel Cadmium, Nickel Hydrogen, Lithium ion and Lead Acid batteries with over 100 models with a daily capacity in excess of 2 million secondary batteries. Huanyu currently has more than 10,000 employees with 400 dedicated to research.
“We are very pleased to further extend our cooperation with Huanyu Power Source,” commented Mr. Guosheng Fu, CEO of China Sun Group. “In our previous experience with this customer, we were able to prove our LIP production capabilities by providing a high quality product and excellent customer service, enabling us to win a second contract with one of their subsidiaries. Going forward, we are very excited about the growing market demand for LIP production, and we are ready to expand our production capacity in a very short time frame to satisfy this demand.”
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