Chinese nonferrous metals, chemical and equipment manufacturer Tongling Nonferrous Metals Group (TNMG) has signed a lithium battery copper foil project worth ¥1.59 billion ($231 million).
The project will be established in two phases, the first started this month and is due to come online in June 2018, with a capacity of 10,000 tonnes per year.
The second phase will be constructed after the first phase comes on stream. The firm predict its annual sales revenue will reach ¥1.52 billion ($221 million).
Once both phases of the project are completed the company plans to produce 20,000 tonnes of foil each year.
The base is located at Tongling Economic and Technological Development Area (TETDA), Hefei Province, China.
TNMG is set to supply copper foil to Chinese electric vehicles start-up Singulato, which is also based at Tongling.
Singulato successfully fundraised around $600 million last week.
It has also announced a smart new energy automobile industrial park project will be settled in the TETDA, with ¥8 billion ($1 billion) and annual production of 200,000.
Last month BBB reported how battery maker, BAK has concerned the “low quality” of Chinese copper foils, to use American and Japanese products to replace.