(Yicai Global) March 28 -- Chinese lithium battery separator maker Shenzhen Senior Material Technology Co. will build CNY3 billion (USD478 million) to build a high-performance production facility in Changzhou, in eastern Jiangsu province to meet the demand for the company's high-end products from the new energy vehicle market.

Senior Material Tech has signed an investment agreement with local authorities for the project, consisting of 50 coating production lines and eight dry process lines, in the city's economic zone, the firm said in a statement  

China is a key battleground for the development of NEVs globally. Some 605,500 plug-in passenger cars were sold in China in 2017 as the nation captured a 49-percent share of the global NEV market and grew 30 times faster than the worldwide average, according to data from industry researcher EV Volumes.

Once complete, the factory will produce 1 billion square meters of high-performance coated lithium battery separators per year.

The new facility will make the company's lithium battery separator product line more complete, which will help to consolidate and enhance the company's position in the industry, the statement added.