SHANGHAI, May 29 (SMM) – Chinese conglomerate Sinochem will invest more than 10 billion yuan to build an electric vehicle ternary lithium-ion battery project in Yangzhou of Jiangsu province.
With annual capacity of 20GWh, the project will be launched in three stages.
The chemicals unit of Sinochem and the Yangzhou Economic and Technological Development Zone signed the memorandum of understanding on May 20.
Sinochem will also establish a battery technology research institute to develop the second and third generations of lithium-ion battery technology.
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