China Innovation Investment has entered into a framework agreement to purchase shares in California-based battery producer Power Solutions Energy Inc, according to media reports on Monday.
Under the agreement, China Innovation would buy an undisclosed amount of shares in Power Solutions through cash and/or convertible bond issues, sina.com said on Monday, citing a company statement.
Power Energy has technologies that could improve the capacity of lithium-ion batteries by 80 percent, according to the report.
Following the news, China Innovation's share price rose by 19.23 percent at the market close on Monday.
