Ganfeng Lithium, the world's biggest lithium company by market capitalisation, said on Thursday its subsidiary would invest a total 8.4 billion yuan in two projects that will make"new-type" lithium batteries.
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 and an advanced battery research institute, Ganfeng said in a filing. First production is expected within two years of the start of construction, which is slated to begin within three months, said Ganfeng.
The 15 GWh total planned capacity marks a major escalation in Ganfeng's battery ambitions as demand for EVs grows.
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