Conch Venture to invest in building LFP battery cathode material project
2021-10-21 12:07:48 [Print]
Conch Venture announced that it signed an investment agreement with the Management Committee of Wuhu Economic Development Zone recently, planning to build a 500,000tpy high-performance LFP battery cathode material project.
With a total investment of about RMB1 billion (USD156.50 million), the phase one project is designed to build a 50,000tpy LFP cathode material project and its supporting facilities. The phase one project will start building within this year and go into production before the end of 2022.
In order to ensure the smooth implementation of this project, Conch Venture will establish a joint venture named Conch Venture New Material together with Gaomu Capital through its subsidiary, Anhui New Material, and make the joint venture be the project's implementation subject. Of the total investment of RMB500 million (USD78.25 million) for the joint venture, RMB400 million (USD62.60 million) will come from Anhui New Material, accounting for 80% of the total.
With a total investment of about RMB1 billion (USD156.50 million), the phase one project is designed to build a 50,000tpy LFP cathode material project and its supporting facilities. The phase one project will start building within this year and go into production before the end of 2022.
In order to ensure the smooth implementation of this project, Conch Venture will establish a joint venture named Conch Venture New Material together with Gaomu Capital through its subsidiary, Anhui New Material, and make the joint venture be the project's implementation subject. Of the total investment of RMB500 million (USD78.25 million) for the joint venture, RMB400 million (USD62.60 million) will come from Anhui New Material, accounting for 80% of the total.
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