The new US based joint venture entity retains the Novolyte Technologies name and will be managed by Novolyte’s current management team from its existing Cleveland headquarters.
In addition to supplying technology to Novolyte, Foosung will invest approximately $30m in the joint venture and contribute a future lithium salt plant, the company said.
Novolyte is contributing its energy storage business to the joint venture, and Arsenal continues ownership of Novolyte’s remaining solvents, phosphines, and custom manufacturing businesses which is now Novolyte Performance Materials.
Novolyte, a portfolio company of Arsenal Capital, is a manufacturer and supplier of specialty electrolyte materials for lithium ion battery and energy storage applications, high performance solvents and other specialty chemicals.
Foosung is a producer of specialty lithium salts for lithium batteries.
