Belgium-based Umicore has broken ground in China for a new battery materials plant as part of a EUR360 million ($434m) expansion programme.
Umicore said the new plant in in Jiangmen, Guangdong Province, would produce NMC (nickel-manganese-cobalt) cathode materials for rechargeable lithium-ion batteries to meet increasing demand for the electric vehicle market.
The German enterprise ElringKlinger (EK) has signed a framework agreement on a joint venture (JV) for lithium-ion battery technology with Sichuan Chengfei Integration Technology Co Ltd (CITC) from China.
The JV will focus on the development, production, and distribution of lithium-ion battery modules for the global automotive market in Asia, Europe, and the United States.
Chinese lithium battery giant Contemporary Amperex Technology Co Ltd (CATL) is planning a CNY13.12 billion ($1.98bn) initial public offering to expand its automotive battery business.
CATL said in a Shenzhen Stock Exchange announcement the move will ensure the firm keeps pace with the rapidly-expanding electric vehicle and energy storage markets.