ALD Group has agreed to transfer 10 percent of its stake to Veken Technology for RMB100 million ($14 million).
Headquartered in Shenzhen, China, ALD is a high-tech firm specializing in the research and application of electronic atomization technology, with business covering electronic nicotine delivery systems, inhaled medical vaporizers and heat-not-burn devices.
The company says it has strategic partnerships with leading global tobacco companies, including British American Tobacco, ITC and Canopy Growth.
Veken Technology is focused on lithium-ion batteries for the renewable and sustainable energy sectors with a focus on 3C digital battery and power battery segments.
ALD and Veken Technology expect their alliance to deliver a synergy across the industry chain.
“With the support of the reputable top-tier company, ALD will further optimize its supply chain and improve its overall competitiveness, while continuing to expand its presence in the global electronic atomizer market,” ALD wrote in a statement.
“In addition, the partnership will drive Veken Technology’s profit growth in the lithium-ion battery segment and help the company improve the operational efficiency of its assets.”