Xinwangda plans to contribute 600 million yuan to add code lithium battery business

Published: Mar 25, 2020 13:26

Save

SMM3, March 25: Xinwangda plans to contribute 600 million yuan to build Zhejiang Xinwanda New Energy Technology Co., Ltd. (registered capital plan 1 billion yuan) with the people's Government of Lanxi City of Zhejiang Province.

In addition, Xinwangda plans to contribute a new wholly-owned subsidiary Zhejiang Xinwanda Electronics Co., Ltd. (tentatively named), Zhejiang Xinwangda Electronic registered Capital Plan 100 million yuan, funded by Xinwanda sole proprietorship.

In order to further enhance the competitiveness and profitability of the company and expand the business scale of the company, the company and its partner, Lanxi City people's Government of Zhejiang Province, jointly funded the construction of Zhejiang Xinwanda New Energy Technology Co., Ltd., and Zhejiang Xinwanda Electronics Co., Ltd., a new wholly owned subsidiary, to engage in lithium ion battery business. This outbound investment is the strategic need of the company and is conducive to the realization of the national distribution of the company's production base.

Battery cobalt lithium new energy

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

SK On Consolidates Georgia Operations into Single Production System

SK On will transition to a unified production system centered on its SK Battery America (SKBA) operations in Georgia to improve efficiency in North America. According to the company on the 3rd, starting April 6 (local time), production volumes from SKBA’s first plant will be transferred to the second plant. In addition, part of the second plant’s production lines will be converted from electric vehicle (EV) battery manufacturing to energy storage system (ESS) production. The Georgia Plant 1 has an annual capacity of 10GWh and began commercial operations in the first quarter of 2022, while Plant 2 has a capacity of 12GWh and started operations in the fourth quarter of 2022.

2 hours ago

LG Energy Solution Joins Global Automotive Software Marketplace SDVerse as First Battery Maker

LG Energy Solution announced on April 3 that it has joined the automotive software open marketplace platform SDVerse, becoming the first battery manufacturer to participate. SDVerse is a B2B vehicle software platform founded by General Motors, Magna International, and Wipro. The platform provides an open ecosystem where automakers, global suppliers, and software developers can trade software solutions, supporting the transition toward software-defined vehicles (SDVs).

2 hours ago

SK On Terminates Natural Graphite Supply Agreement with Westwater

According to Westwater Resources on the 3rd, it received a contract termination notice from SK On on March 31 (local time). Under the agreement, SK On had planned to source up to 34,000 tons of natural graphite produced at Westwater’s Kellyton facility in Alabama between 2027 and 2031, but the plan has been canceled following the termination.

2 hours ago