Kohinoor Energy, Juhang Energy sign MoU on battery joint venture

Kohinoor Energy Limited has entered a preliminary understanding with China's Hebei Juhang Energy Technology Group to explore a joint venture in Pakistan. The agreement covers assembling, producing and selling lithium-ion packs, storage units and associated electrical gear. Mettis Global reported the development on the basis of a material information notice the company filed with the PSX.

The venture would be developed in phases, with the first stage targeting a yearly capacity of about 50-100 MWh. Later phases could take output to roughly 300-500 MWh and eventually 700-1,000 MWh. Both expansions hinge on demand in the market, company performance and terms set out in the filing.

Kohinoor said the transactions remain subject to further evaluation, due diligence, required approvals and definitive agreements. The company committed to informing the exchange of any material development in line with the law and the PSX Rule Book.