Hengdian East Magnetic plans to invest in the annual production of 148 million high-performance lithium batteries.

SMM: a few days ago, Hengdian East Magnetic announced that in view of the new energy battery industry has become a new profit growth point, according to the current new projects and new customer reserves, the company needs to increase new production capacity, the company plans to invest in Hengdian Photovoltaic Park in Dongyang City, Zhejiang Province to build a new annual production of 148 million high-performance lithium battery projects. The project plans to use the first phase of the original plant to transform 14200 tons, increase the building area by about 24600 tons, and build a new 18650 cylindrical lithium-ion battery production line.

The project will be launched in October 2020, completed and gradually put into production in July 2021, subject to the progress approved by the authorized agency of the company.

The investment and construction of the project is based on the combination of the company's development strategic planning and market expansion demand, and the new investment will help to further improve the market competitiveness of the company's lithium battery industry.

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