Chinese battery material manufacturer Green Eco-Manufacture (GEM) will form a joint venture with stainless steel producer Tsingshan to produce ternary cathode materials for power batteries, according to the agreement reached by the two firms last week.
GEM's wholly-owned subsidiary Jingmen GEM and Tsingshan's Yongqing Technology arm will establish a joint venture in Ningde, Fujian province with investment up to 1.85 billion yuan.
The initial target is to produce 50,000 mt/year of ternary precursor and 20,000 mt/year of nickel-cobalt-manganese (NCM) cathode material. Site construction will be completed two years after government approvals are granted. The project investors may raise production further, depending on market conditions.