Chinese lithium-ion battery producer Contemporary Amparex Technology (CATL) is set to invest 39billion yuan ($5.4 billion) to raise its overall capacity to a reported 70GWh.
The firm will spend the money on making a new plant in China and expanding capacity at two existing facilities in the country.
CATL will invest no more than Yn17 billion ($2.6 billion) to build a production plant in two phases in southeast China’s Fujian province with the initial phase due to be completed in the next 26 months.
The second phase will start construction within two years after the first phase is completed.
CATL will also invest Yn12 billion ($1.8 billion) to raise output capacity at its production facility in Liyang city in east China’s Jiangsu province. Construction is scheduled to take two years.
There are also plans to invest Yn10 billion ($1.5 billion) to boost capacity at its production complex in Yibin city in southwest China’s Sichuan province.
Again, construction will be completed in two phases, with the first phase scheduled to take 26 months, with phase two beginning within two years of completion of the initial phase.
CATL started building a 12GWh/yr power battery plant in Yibin city in October, which is scheduled to start production in 2022.
Last February, the company started building a 45GWh/yr production plant for power and energy storage lithium batteries in Cheliwan, Ningde.