Huajin is majority owned by Huayou (51%, remainder LG Chem) and will have the capacity to initially produce 40,000tpa of lithium ion battery precursor. The total investment is in excess of $440m and lays out the formation of two separate joint-venture companies: Huajin New Energy Material (Quzhou) Co.,Ltd and Leyou New Energy Material (Wuxi) Co,Ltd.įor the purpose of the JV Huayou incorporated a new subsidiary Huayou New Energy Technology Co. It is also a major move by a battery manufacturer to control such a large cathode manufacturing capacity, confirming fears that present cathode producers are not or cannot expand quick enough. It is the world’s most significant deal between a raw material miner and lithium ion battery manufacturer to date. Both are being installed with a capacity expansion to 100,000 tpa each in mind. The partnership will see a 40,000 tpa lithium ion battery precursor plant and a 40,000 tpa cathode plant being constructed within China over the next 18 months. Korean battery major LG Chem and China’s Huayou Cobalt have announced a huge deal to launch two plants that will have a significant bearing on the lithium ion battery industry’s cathode direction.
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