BAIYU Holdings to acquire energy storage and lithium battery company

BAIYU Holdings, through its wholly owned subsidiary Shenzhen Baiyu Jucheng Data, has entered into a definitive share purchase agreement (on August 21 with Shenzhen Jintongyuan Energy Storage, a tech enterprise specializing in the R&D and production of high-performance energy storage batteries in China. This acquisition marks the company’s strategy to expand into the renewable energy storage battery market. BAIYU agrees to acquire 100% of the equity interest of Jintongyuan for a total cash consideration of approximately $105M, payable in installments. Closing is expected to occur in or around September 2024.