State-owned Enterprise Nanjing Public Utilities Partners with Ganfeng Lithium Industry to Build 300,000-ton Battery Recycling Base with Projected Investment of 1 Billion Yuan

Published: Jul 8, 2024 16:29

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[300,000 tons! 1 billion yuan! The state-owned enterprise plans to jointly build a battery recycling base with Ganfeng Lithium Industry] On the evening of July 5, Nanjing Public Utilities issued an announcement stating that the company plans to carry out comprehensive cooperation with Ganfeng Lithium Industry and the Environmental Group in areas such as waste battery recycling and lithium battery applications, and signed a "Strategic Cooperation Agreement" in recent days.

According to the agreement, the three parties plan to establish a joint venture with a registered capital of 100 million yuan, of which Nanjing Public Utilities or its controlling entity holds 35% of the shares, Ganfeng Lithium Industry or its controlling entity holds 35% of the shares, and the Environmental Group or its controlling entity holds 30% of the shares.

The joint venture plans to invest in the construction of a 300,000-ton waste battery recycling base in Jiangsu Province. The initial plan is for a first-phase project with a scale of 30,000 tons, a second-phase project with a scale of 70,000 tons, and a third-phase project with a scale of 200,000 tons. The production capacity planning can be adjusted according to market conditions.

The total investment of the project is expected to be 1 billion yuan, with the first-phase investment of 100 million yuan, the second-phase investment of 250 million yuan, and the third-phase investment of 650 million yuan.

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