On August 11, Fengshan Group announced that it planned to cooperate with Nantong Quannuo New Energy Materials Technology Co., Ltd. to set up a joint venture Jiangsu Fengshan Quannuo New Energy Technology Co., Ltd. with a registration capital of RMB100 million (USD14.84 million), of which 66% or RMB66 million (USD9.80 million) will come from Fengshan Group and thus makes the JV a subsidiary to be controlled by Fengshan Group. The JV will focus upon research, production, selling and technical service in relation to electrolyte (lithium salts, sodium salt, etc).