On the evening of March 9th, Dow Technology (300409) announced that the company and the management committee of Wuhu Economic and technological Development Zone signed an investment cooperation contract with an annual output of 100000 tons of ternary precursor projects. The total investment of the project is about 10 billion yuan, which is divided into two phases, with an investment of 5 billion yuan in the first phase, and the second phase will be implemented step by step after the conditions are reached.
It is reported that after the completion of the first phase of the project, it is expected to achieve an annual production capacity of 50,000 tons of ternary precursors and supporting annual production capacity of 30,000 tons of metal nickel sulfate solution; after the completion of the second phase, it is expected to achieve an annual production capacity of 50,000 tons of ternary precursors and 20,000 tons of metal nickel sulfate solution. After the completion of the two phases of the project, it will achieve an annual production capacity of 100000 tons of ternary precursors and a matching annual production capacity of 50, 000 tons of metal nickel sulfate solution.
According to the announcement, the fixed assets investment of the first phase of the project mainly comes from the capital increase of Wuhu Jiana Energy Technology Co., Ltd. (hereinafter referred to as "Wuhu Jiana") by Wuhu strategic investors. Other investment companies plan to solve the problem through loans from financial institutions.
Battery network noted that in recent years, the demand for power batteries is growing rapidly. As an important material for lithium batteries, the demand for ternary precursors will enter a stage of rapid development. In order to seize the market opportunity, Dow Technology began to gradually promote the five-year (2021-2025) strategic planning goal of "ternary precursor and its supporting business to enter the leading position in the industry". The company uses Wuhu Jiana as the business operation platform for lithium materials. The business of ternary precursors of lithium materials has been integrated and has initially shown a good integration effect. In order to further ensure the rapid and steady development of the company's lithium materials business, the company also announced on the same day that it planned to increase its capital and shares in Wuhu Jiana by introducing strategic investors and setting up a senior management team shareholding platform. after introducing strategic investors to increase capital and shares, Wuhu Jiana is still a holding subsidiary of the company.
It is understood that after friendly consultation among all parties, the strategic investors plan to contribute with their own funds and increase the capital of Wuhu Jiana by cash means of 1.44 billion yuan, of which Wuhu Jiangbei New area Development Investment Fund Co., Ltd. contributed 144 million yuan, the corresponding shareholding ratio is 1.27%; Wuhu Antai Investment guidance Fund Management Co., Ltd. contributed 454 million yuan, and the corresponding shareholding ratio was 3.99%. Wuhu Yinhu Industrial Co., Ltd. contributed 389 million yuan, with a corresponding shareholding ratio of 3.42%; Wuhu Industrial Investment Fund Co., Ltd. contributed 454 million yuan, with a corresponding shareholding ratio of 3.99%. The senior management team shareholding platform Wuhu Xinye Equity Investment Partnership (limited partnership) will be funded by the core executives of Wuhu Jiana 30 million yuan in cash with their own funds, with a corresponding shareholding ratio of 0.26%. The total capital increase of 1.47 billion yuan will be used to invest in the construction of ternary precursors with an annual output of 100000 tons in Wuhu City, of which the first phase is to build ternary precursors with an annual output of 50,000 tons.
Dow Technology said that this foreign investment, the company will make full use of Wuhu City's advantages in transportation location conditions, industrial policy support, new energy vehicle industry chain cluster effect, etc., to set up a production base in Wuhu to build ternary precursors and supporting projects. At that time, the company will form a three-dimensional precursor production and manufacturing base of "Yingde + Longnan + Wuhu", which will effectively guarantee the company's capacity construction and expand its market share. Enhance the company's competitiveness, promote the company's strategic planning and the realization of business objectives.
It is worth noting that on the same day, Dow Technology also announced that in order to get through and further optimize the company's raw material supply and reduce the raw material cost of the company's high-nickel ternary precursor products, the company's wholly-owned grandson, Hong Kong Carina Co., Ltd. (hereinafter referred to as "Hong Kong Carina") and PT.JIANA ENERGY RESOURCES (hereinafter referred to as "Indonesia Carina") intend to sign a "Capital increase Framework Agreement". The agreement stipulates that Hong Kong Carina will increase its capital to Indonesia's Carina within two years, with an increase of no more than RMB 1.272 billion yuan. The specific investment amount for each stage will be subject to the formally signed capital increase agreement. Other shareholders of Jana in Indonesia waive the right to subscribe for the same proportion of the new registered capital. After the completion of the capital increase, Hong Kong Carna's shareholding in Indonesia increased from 99% to 99.9965%.
In this capital increase, Dow Technology said that nickel resources are the core of the cost competition of ternary power batteries in the future, and the layout and mastery of nickel resources is very important for the company to reduce product costs and enhance the company's market competitiveness. In order to ensure the supply of nickel resources and improve the raw material supply chain, the company plans to increase its capital to Indonesia Jiana, further enhance its competitiveness and anti-risk ability, and promote its business development and resource layout, which is of positive significance for the company to maintain its leading position in the market, in line with the company's strategic development direction.
In addition, data show that Dow Technology subsidiary Jiangxi Jiana Energy Technology Co., Ltd. is also building a lithium material project, which will start in September 2021 with a total investment of 12.5 billion yuan. the construction of 100000 tons of power battery cathode material precursor, 20, 000 tons of metal cobalt salt products, 30, 000 tons of metal nickel salt products, 50, 000 tons of waste lithium battery recycling project, the project is expected to be completed and put into production by December 31, 2025.
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