(Yicai Global) Dec. 6 -- Jiangxi Ganfeng Lithium Co. [SHE:002460], a leading Chinese lithium product maker, plans to invest CNY250 million (USD38 million) to build a production line in Zhejiang province for its first-generation solid-state lithium batteries.
The listed firm will set up a new company in Ningbo, Zhejiang to build the plant, it said. Construction will take around two years. After completion, Jiangxi Ganfeng's annual battery-making capacity will increase to 100 million watt-hours. The firm hopes to release the product onto the new-energy vehicle (NEV) market.
Compared with the widely used liquid lithium battery, its solid-state counterpart has a higher energy-density, making it more suitable to power electric vehicles. Data shows that the latter could replace the former as the mainstream power source for NEVs by 2030.
Construction of the production line will speed up the company's research, development and industrialization of new lithium battery technology and optimize the structure of the lithium industry chain, the company said, adding that the new plant will make it more competitive.
Founded in 2000, Ganfeng Lithium makes more than 30 different lithium products. The battery maker sells most of its products in China, but also exports its most comprehensive equipment to the US, Japan, South Korea, the European Union and Southeast Asia.