Dragon Group opens new chapter with US$20 million investment to grow its lithium ion battery business

Dragon Group International Limited, a company engaged in the distribution of electronic components and test consumables, supply of semiconductor equipment, materials and tooling, and development of battery and storage solutions, announced that its EoCell Limited subsidiary had entered into a US$20 million share subscription agreement with Zhuhai Yinlong Energy Co., Ltd.

YLE will upon completion subscribe for 940,000 new ordinary shares in EoCell, representing approximately 40% of the total enlarged share capital of EoCell.

EoCell is primarily engaged in the business of designing, developing and selling of next generation lithium ion batteries and related materials for cell phones, portable electronics, and off grid energy storage. In particular, these batteries and materials are used in electric vehicles. Electric vehicles have witnessed strong growth of over 50% in China in 2016, and the growth rate is expected to accelerate.

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