Chinese investor plugs into significant Czech battery invention
Electricity storage is a massive missing link in today’s energy sector, but a Chinese investor is now willing to invest hundreds of millions of crowns in a Czech battery invention which some say could overcome this major hurdle for the development of renewables and clean transport.
Chinese multi-millionaire Chu Juan Pin has agreed, according to Friday’s edition of the business daily Hospodářské Noviny, to pay 50 million euros for a 49 percent stake in the company created around Czech inventor and researcher Jan Procházky with the pledge of a further 50 million euros next year for research costs and development.
Procházka, together with North Moravian businessmen Radomír Prus and Vladimír Jirka, who together got together to found the company HE3DA, were approached by several major businesses, including Taiwanese based multinational Foxconn, as well as German and Slovak investors before opting for the offer from the Chinese millionaire. He has a record of investing in innovative projects and already has a portfolio of energy and other investments with a turnover of around 315 billion crowns.
Jan Procházka has previously worked in both Germany and the United States but returned to the Czech Republic in 2005. He has participated in some patents focused on nano-technology and contributed to the patents on which the current line of electric buses produced by Škoda Plzeň are based.