The joint venture, Zhoushan China Ocean Technology Development, will be set up by COSIG’s 78.74% owned Zhoushan China Ocean Investment Fund and Zhejiang Ouhua.
Zhoushan China Ocean Investment Fund will contribute RMB300m ($48.2m), representing 75% of the registered capital of the joint venture, and Zhejiang Ouhua will contribute RMB100m for the remaining 25%.
The joint venture will primarily engage in development and application of energy saving technologies, R&D, development and consultancy services on ocean engineering related equipment technology, and import and export services of products and technologies, among others.
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