Ganfeng Lithium Industry: invest 8.4 billion yuan to build a new lithium battery project with an annual output of 15GWh

SMM August 5: Ganfeng Lithium Industry announced that the company agreed to invest 8.4 billion yuan in the construction of an annual 15GWh new lithium battery project by Jiangxi Ganfeng Lithium Technology Co., Ltd.

It is reported that the investment is divided into two projects, one is to invest 3 billion yuan in Jiangxi Xinyu High-tech Industrial Development Zone to build an annual 5GWh new lithium battery project, while the remaining 5.4 billion yuan is invested in the annual production 10GWh new lithium battery science and technology industrial park and advanced battery research institute project built by the project company with an independent legal body in Chongqing Liangjiang New area.

Ganfeng Lithium Industry explained that this is to create a competitive production base for new lithium batteries, help to enhance the company's core competitiveness, and have a positive impact on the future business development of Ganfeng Lithium.

The announcement shows that the project with an annual production of 5GWh covers an area of 380mu and will be completed and put into production in October 2023; while the project cycle of the new lithium battery science and technology industrial park and advanced battery research institute with an annual production of 10GWh is to start construction within 3 months from the date of signing the "minutes of handing over", to complete the completion record within 18 months from the date of construction, and to put into production within 6 months after the completion record.

Today, Ganfeng Lithium shares were shaken lower by negative news about its acquisition of innovative energy and the pricing policy and basis of Millennial, both down more than 2 per cent at the close.