Chinese solar manufacturer and developer Comtec Solar is attempting to expand its energy storage operations in southeast Asia by forming a JV with Singaporean technical and engineering consultancy ISDN.
An update from Shanghai-based Comtec to the Hong Kong Stock Exchange today revealed ISDN will pay RMB4.44 million ($633,000) for a 10% stake in Comtec’s lithium-ion EV and battery storage subsidiary Kexin, as part of the partnership, with the aim of developing a “power storage business in southeast Asia”.
Elsewhere on the Hong Kong exchange today, Longitech Smart Energy’s latest fundraising exercise expired due to lack of subscribers.
The Chinese PV developer and cloud-based energy solutions provider had announced an intent to raise HK$334 million ($42.7 million) through a placing of convertible notes amounting to 10.25% of the stock in the enlarged business, at the end of October.
Longitech then drastically scaled back the exercise on November 7, by adjusting the scale of stock issued to 5.14% of the enlarged business, in a bid to raise HK$161 million to develop its smart energy business.
But even that halving of the extent of the fundraising failed to tempt investors, with the placing expiring today.
The development comes at a time when Longitech’s plans to acquire the wind farm Sino Renewable Energy Holdings Co Ltd subsidiary of China Ruifeng Renewable Energy Holdings for HK$195 million, have also had to be extended, from Monday until December 7.