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China firm to build Gigafactory in $1.3 billion energy base agreement

Tue, 11/22/2016 - 11:00 -- Xuan Zhong

A Chinese firm intends to invest ¥3 billion ($438million) in lithium-ion battery production in the country’s Xiangyang Yicheng city as it bids to build up its new energy industry base.

Battery manufacture Dynavolt Renewable Energy Technology has signed a contract with the city’s government to construct a plant with an annual lithium-ion battery output of 5GWh as well as research projects.

Picture: from left: Yuewu Chen, Chairman of Dynavolt Tech. Jun Qin, Mayor of Xiangyang.

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