Hybrid Kinetic To Acquire GBS Energy, Produce Li-Ion Batteries for EV Market

Hybrid Kinetic Group Ltd., a Hong Kong-based company specializing in manufacturing environmental products and automotive axles, is reportedly going to pay approximately USD $26 million to buy Zhejiang GBS Energy.

In a statement filed to the Hong Kong exchange, Hybrid Kinetic said GBS Energy specializes in the development and manufacturing of certain lithium-ion power battery and power battery pack. The major markets and customers of these products include auto makers and auto-part manufacturers in China’s mainland, European countries and the U.S.

Upon completion of the acquisition, Hybrid Kinetic will reportedly expand the GBS Energy’s production capacity and use its assembly line to produce what it describes as higher-end batteries for the hybrid vehicle market.