Yongxing Material has announced to establish a joint venture company with CATL according to the appointment in the ‘Joint venture Agreement’.
This new company will be focusing on the establishment of a lithium carbonate program, the total investment capital not surpassing 25 billion RMB. It is planned to annually produce 50,000 tons of carbonate lithium.
The first round of investment will focus on 30,000 tons of carbonate lithium production, with an investment capital not surpassing 15 billion RMB.
The rest of the production will begin after the first round of investment is finished.
Introduction of Yongxing Material
Yongxing Material begins to develop lithium electricity and a new energy source in 2017. It achieved technological and management advancement and developed a new technology to extract lithium from glimmerite.
From July 2020, Yongxing Material is able to produce 10,000 tons of lithium carbonate at the battery level. In Feb. 2021, the company starts to reach for annual production of 20,000 tons of lithium carbonate.
Its products are used for:
- high-end equipment manufacturation
- new energy vehicles
- energy storage systems
Both parties already have resources in Yichun. CATL is currently building a new battery manufacturing base there and Yongxing Special Materials has a lithium carbonate plant with an annual output of 30,000 tons.