Shanshan Corporation to purchase Li-battery raw materials from Evergreen New Energy
2020-03-26 17:59:55 [Print]
On the evening of March 25, Shanshan Corporation announced that by April 30 its controlled subsidiary Shanshan New Energy will purchase from Evergreen New Energy raw materials used in producing Li-batteries worth no more than RMB200 million (USD28.15 million).
Evergreen New Energy is a joint venture set up in October 2018 between Shanshan New Energy, Geely Group and Zijin Mining; it focuses on businesses including used Li-battery utilization, and research, production, selling and import/export of ternary material precursors.
According to investment agreement on the JV, Evergreen New Energy will pump a total of RMB6.589 billion (USD927 million) within five years into building a three-stage production project consisting of processing 150,000tpa used Li-batteries and producing 100,000tpa NCM precursors. Stage One project, which has an investment of RMB1.18 billion (USD166 million) for building 10,000tpa used Li-battery processing and 20,000tpa NCM precursor production lines, was already built and went into operation at the end of 2019. What Shanshan Corporation planned to purchase is quite likely NCM precursors just coming off Evergreen New Energy production lines.
Evergreen New Energy is a joint venture set up in October 2018 between Shanshan New Energy, Geely Group and Zijin Mining; it focuses on businesses including used Li-battery utilization, and research, production, selling and import/export of ternary material precursors.
According to investment agreement on the JV, Evergreen New Energy will pump a total of RMB6.589 billion (USD927 million) within five years into building a three-stage production project consisting of processing 150,000tpa used Li-batteries and producing 100,000tpa NCM precursors. Stage One project, which has an investment of RMB1.18 billion (USD166 million) for building 10,000tpa used Li-battery processing and 20,000tpa NCM precursor production lines, was already built and went into operation at the end of 2019. What Shanshan Corporation planned to purchase is quite likely NCM precursors just coming off Evergreen New Energy production lines.
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