Potevio and Shanghai form strategic alliance

China Potevio Co., a domestic information technology equipment manufacturer and service provider, has formed a strategic alliance with the Shanghai government to jointly develop new energy industries. According to the agreement signed by the two parties, China Potevio will set up a new energy base in its Shanghai unit to focus on the production of batteries and the development of lithium iron phosphate materials that will help usher in the roll-out of new energy vehicles. The Beijing-based giant has set up a new energy division and is giving top priority to core industrial segments such as batteries. It plans to invest RMB5 billion (US$731.69 million) to RMB8 billion (US$1.17 billion) on new energy industries over the next three to five years and is targeting more than RMB10 billion (US$1.46 billion) in revenues. (May 26, 2009)