Market Overview

Energy Industry: China Sun Receives Government Subsidy

(via COMTEX News Network)--

(Comment on this article at http://www.financialwire.net/2010/07/20/energy-industry-china-sun/)

July 20, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today's featured news.) -- China Sun Group High-Tech Co., Ltd. (OTCBB: CSGH), a supplier of raw materials for rechargeable Lithium-ion batteries, said that it has received a government subsidy for its Lithium Iron Phosphate development project for use in the new energy automobile industry.

The subsidy is around $44,000, paid by the Dalian Economic and Information Technology Committee to encourage China Sun Group's product research and development of LIP, the main raw material used in lithium power batteries.

China Sun said it was one of only nine companies to receive this government subsidy. It added that this is the first time that the Dalian government has offered this subsidy to companies that have the greatest potential of developing technology for use in the new energy automobile industry.

The government's overall aim is to accelerate re-construction of Dalian's traditional industries, as well as to promote the development of new key technologies by companies based in Dalian.

China-based China Sun Group High-Tech, through its wholly-owned operating subsidiary, Dalian Xinyang High-Tech Development Co. Ltd, primarily produces cobaltosic oxide and lithium cobalt oxide.

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