Xiongtao shareholding companies have completed hundreds of millions of yuan of financing to expand the production of lithium iron phosphate precursors.

On November 2, Xiongtao released news that the company's shareholding enterprise "Huanggang Lin Lixin Energy Technology Co., Ltd." (hereinafter referred to as "Lin Li") completed a new round of financing. Honeycomb Energy, CITIC Construction Investment, Jiangsu Guoxin, Pengrui Group, Wuhan Ronghe Science and Technology have jointly invested a total of hundreds of millions of yuan. Lin Li plans to further expand its production capacity and make rapid progress to an annual output of 100,000 tons.

According to reports, Lin Li was founded in 2017 by Professor Zhang Youxiang, a doctoral supervisor of Wuhan University, and Ma Xiaoling, a postdoctoral teacher of Tsinghua University. The company focuses on the R & D and manufacturing of lithium iron phosphate cathode material precursors, and is a leading supplier of precursors in China.

Changjiang Securities recently reported that lithium iron phosphate is the strongest demand logic link in the current lithium power main materials industry chain. The domestic output and installation of lithium iron in 2021 will break through the 50% mark in the middle of the year. It is estimated that the proportion of lithium iron phosphate for passenger cars in China will exceed 50% from 2021 to 2023. The application of overseas lithium iron phosphate is expected to accelerate around 2023, and the proportion of global lithium iron phosphate is expected to tend to 40% in 2025. Taking into account the increment of the energy storage industry, global shipments of lithium iron batteries are expected to reach 770GWh in 2025, a compound increase of about 70 per cent over 2020, and demand for lithium iron phosphate cathode is close to 1.8 million tons.

In addition to investing heavily to maximize the stability of raw material supply, Xiongtao shares also said that the company is conducting research and cooperation with domestic technologically advanced companies and universities through investment, holding, equity participation, strategic cooperation and other ways to create a new partnership and reshape a new supply chain model.

From October 27 to 28, Xiongtao signed strategic cooperation agreements with Shanghai Shunhua New Energy system Co., Ltd. And Guangdong Lianyue Gas Co., Ltd. According to the agreement, the three parties will jointly promote the construction of a hydrogen port in Yantian Port, carry out in-depth cooperation in the core technology of hydrogenation and the production, sales and logistics of hydrogen products, and build a tight strategic partnership for sustainable development.

On September 29, Xiongtao signed a strategic cooperation agreement with Shenzhen Griffith Battery material Co., Ltd. According to the agreement, the two sides will carry out in-depth cooperation in raw materials such as PVDF and other supply chain areas to build a tight strategic partnership for sustainable development.