LiET to rake in up to $20 mln

Hong Kong-based battery maker Lithium Energy Technology is raising up to $20 million in funding. The investor is an unnamed private equity firm.

PRESS RELEASE

HONG KONG, July 4, 2016 /PRNewswire/ — After a series of negotiations, Hong Kong based, Lithium Energy (HK) Technology (LiET) is close to finalizing an agreement that may secure up to $20 million in additional development funding.

The company has been in negotiations with a respected private equity group since February 2016 and an end to negotiations looks in sight.

“It has certainly been a much shorter process than we expected, but with the sky high lithium prices and global demand for a new type of battery solution, our technology makes a compelling case and the group recognized the implications and applications our battery technology provides. It goes without saying that we are extremely pleased to add another forward thinking partner to our equity investors and we look forward to making a the negotiations public in the coming weeks, perhaps even days,” says President and Chief Executive Officer Henry Chan.

About Lithium Energy (HK) Technology
Lithium Energy (HK) Technology (LiET) are commercializing an entirely new, environmentally friendly, low-cost battery that overcomes many of the problems of lithium ion batteries (LIBs). Our battery technology represents a revolutionary step forward for the clean energy industry. The commercialization of this new battery type will significantly enhance the performance of portable electronic devices, electric vehicles and renewable energy storage systems. www.lithiumtechnology.net