Chinese battery firm Camel Group is set to construct a lithium-ion production line and a lead-acid scrap treatment project, reports the Shanghai Metals Market website.
The company aims to raise just under 900 million yuan ($138million) through a public offering.
The majority of the cash, 550 million yuan ($84.4million), will be used to construct 700 million Wh/yr motive lithium-ion battery production line.
Construction of the project is expected to take a year to complete. Once finished the line is expected to run 73.33% capacity in the first year before moving to full capacity in its second year, according to the report.
The remaining funds, 350 million yuan ($53.7million), will be spent on construction of a 150,000-tonnes-per-year scrap lead-acid battery treatment project.
The announcement comes just a couple of weeks after delegates at the Battery Council International (BCI) conference were warned of a spike in lead prices in Q4 of this year.
Lead prices are currently at a five-year low alongside commodity metals and flat primary lead production.
The rise is predicted amid China’s ongoing crackdown on the lead battery industry, a weak smelting capacity and the country’s poor battery recycling system. More here.
