- The company will invest no more than Yn17bn to build a production plant in the Fuding county-level city of Ningde prefecture-level city in southeast China’s Fujian province.
- The project will be developed in two phases, with the first phase expected to be completed in 26 months
As per a report by Argusmedia, Chinese battery producer Contemporary Amparex Technology (CATL) will invest a total of 39bn yuan ($5.97bn) to raise its output capacity for power and storage lithium-ion batteries. It said that the company will invest no more than Yn17bn to build a production plant in the Fuding county-level city of Ningde prefecture-level city in southeast China’s Fujian province.
It added that the project will be developed in two phases, with the first phase expected to be completed in 26 months. The second phase will start construction within two years after the first phase is completed. CATL will also invest Yn12bn to raise output capacity at its production facility in Liyang city in east China’s Jiangsu province. It said that the construction is scheduled to take 24 months.
Meet demand from the EV market
The report added that the company firm plans to additionally invest Yn10bn to expand capacity at its production complex in Yibin city in southwest China’s Sichuan province. Construction will be completed in two phases, with the first phase scheduled to take 26 months. Construction of the second phase will start within two years after the first phase is completed.
As per the report, CATL has been increasing its production capacity in recent years to meet demand from the EV market. It started building a 12 GWh/yr power battery plant in Yibin city in October. It is scheduled to start production in 2022. The report added that in February it started building a 45 GWh/yr production plant for power and energy storage lithium batteries in Cheliwan, Ningde. The firm in September announced that it will acquire an 8pc equity stake in Canada-based lithium brine explorer Neo Lithium.
