• About
  • Privacy & Policy
  • Contact Us
Procurement Nation
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Cryptocurrency
  • Contact Us
No Result
View All Result
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Cryptocurrency
  • Contact Us
No Result
View All Result
Procurement Nation
No Result
View All Result

China’s Ganfeng Lithium to invest $1.3 bln in battery production

Mark White by Mark White
August 30, 2021
in Suppliers
0


  • To build battery plants in Chongqing, Jiangxi
  • Combined annual production capacity of 15 GWh

Aug 5 (Reuters) – Ganfeng Lithium, the world’s biggest lithium company by market capitalisation, said on Thursday its subsidiary would invest a total 8.4 billion yuan ($1.3 billion) in two projects that will make “new-type” lithium batteries.

China’s Ganfeng is best known as a supplier of battery-grade lithium to clients including electric vehicle (EV) maker Tesla (TSLA.O), but also makes batteries and last week secured 973.1 million yuan of investment in battery unit Ganfeng LiEnergy, including from electronics giant Xiaomi (1810.HK).

Ganfeng LiEnergy will spend 5.4 billion yuan to set up an industrial park in Chongqing, southwest China, with annual battery production capacity of 10 gigawatt hours (GWh) and an advanced battery research institute, Ganfeng said in a filing.

It did not elaborate on what the “new-type” batteries would be, although it said the institute would provide technical support for “various solid-state batteries,” which use solid electrolytes rather than flammable liquid ones.

First production is expected within two years of the start of construction, which is slated to begin within three months, said Ganfeng.

The second project will see Ganfeng LiEnergy spend another 3 billion yuan on a 5 GWh battery plant in Ganfeng’s home province of Jiangxi, which will be put into operation in October 2023.

The 15 GWh total planned capacity marks a major escalation in Ganfeng’s battery ambitions as demand for EVs grows.

China’s top battery maker, Contemporary Amperex Technology Co Ltd (CATL) (300750.SZ), currently has 69.1 GWh of production capacity and another 77.5 GWh under construction. read more

Ganfeng, which has this year splashed out some $900 million on lithium assets at home and overseas as rising prices swell its coffers, said in May it would explore setting up a battery plant in Argentina.

The company’s Shenzhen shares are up around 82% year-to-date, giving Ganfeng a market capitalisation of 252.63 billion yuan, according to Refinitiv Eikon data.

($1 = 6.4612 Chinese yuan renminbi)

Reporting by Tom Daly
Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.



Source link

Previous Post

Financials, chipmakers push S&P 500, Nasdaq to new peaks

Next Post

Top U.S., South Korean trade officials discuss supply chain resiliency -USTR

Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

Next Post
Top U.S., South Korean trade officials discuss supply chain resiliency -USTR

Top U.S., South Korean trade officials discuss supply chain resiliency -USTR

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About
  • Privacy & Policy
  • Contact Us
Call us: +1 234 JEG THEME

© 2021 Procurement Nation - Supply Chain & Logistics News

No Result
View All Result
  • Procurement
  • Supply Chain
  • Logistics
  • Science
  • Technology

© 2021 Procurement Nation - Supply Chain & Logistics News