Optimum moves into lithium-ion sector

Shaanxi J&R Optimum Energy Co Ltd is setting its sights beyond its main business of making firefighting equipment, betting that it can achieve strong earnings in the new-energy vehicle industry.

The listed company, which started as a firefighting equipment manufacturer, used acquisitions to make inroads into the lithium-ion automotive battery and electric vehicle industry.

It has acquired a 19.9 percent stake in Altura Mining Ltd, an Australian supplier of lithium raw materials, for A$41.6 million ($30.69 million), the company said.