China's Yunnan Aluminium approves battery JV with Israel's Phinergy - lithium air battery

BEIJING (Reuters )-
Yunnan Aluminum Industry (000807.
SZ) said on Tuesday that its board unanimously approved a joint venture with Israel Phinergy and another Chinese company that will produce aluminum batteries, China electric vehicles (EV) the boom has brought it the latest profit opportunities.
Aluminum batteries generate electricity through the reaction of oxygen and aluminum.
They were touted as a replacement for lithium.
Ion batteries as a source of electric vehicle power.
The registered capital of the joint venture is 813, and its working name is Yunnan fineng chuangeng metal Air Battery Co. , Ltd.
82 million yuan ($128 ).
According to a document submitted by Yunnan Aluminum to Shenzhen Stock Exchange, 97 million) is headquartered in Kunming, Southwest China's Yunnan province.
Yunnan Aluminum and Phinergy will each own 32% of the shares, and the remaining 36% will be the responsibility of a company called Shanghai Zuo Yongxin Energy Technology Co. , Ltd.
The joint venture will introduce the world's leading aluminum
"Air battery technology relies on green clean water and aluminum resources [from Yunnan Aluminum]," the statement said . ".
Headquartered in Ludd, southeast of Tel Aviv, Phinergy is led by chief executive and co-president
Tel Aviv, founder.
The company said on its website that it "developed a revolutionary way to generate electricity using aluminum as an energy source.
The company did not immediately respond to requests for comment.
This is not the first time Yunnan Aluminum has been involved in the electric vehicle business.
In last August, the company, which claims to be an environmental-friendly aluminum producer, said it would set up a joint venture to produce electric vehicles with an initial annual output of 2,500 vehicles.