PCBL Limited has announced changes to its joint venture agreement (JVA) with Kinaltek Pty Ltd, initially aimed at setting up plants for nano-silicon battery products. The amendment, approved by the board on September 17, 2024, introduces Kindia Pty Ltd as the new joint venture partner in place of Kinaltek.
Under the revised agreement, PCBL will hold a 51% stake in the joint venture company, while Kindia will own 49%. The partnership focuses on high-growth opportunities in the electric vehicle (EV) market, leveraging innovative battery technology.
PCBL has committed to invest $16 million initially, with an additional $28 million in stages, depending on the achievement of certain milestones. These funds will support the acquisition of intellectual property from Kinaltek and its related entities.
Furthermore, PCBL will subscribe to optionally convertible debentures worth $16.5 million to cover additional expenses. This investment underscores PCBL’s commitment to advancing in the EV market through strategic partnerships and technological innovations.
