Based in Shanghai, the primary objective of the JV includes environmental protection through the development, design, integration and production of industrial energy saving systems.
The JV is tentatively named Shanghai Electric Ryoden Energy Saving and Control Technology, subject to approval by the industrial and commercial registration authorities.
In accordance with the terms of the JV agreement, the registered capital will amount to CNY34m ($5.16m), and Mitsubishi subsidiaries will contribute a total of CNY16.66m ( $2.53m) in cash for 49% equity interest.
