Chinese lithium battery giant Contemporary Amperex Technology (CATL) and a subsidiary company plan to launch a new business venture focused on cathode materials.
CATL and its Guangdong BrunpRecycling Technology subsidiary will set up the new company – dubbed Lingbo Brunp CATL New Energy – with registered capital of around CNY3.6 billion (US$503 million), CATL said.
The new company, registered in Ningbo, Zhejiang Province, will be involved in the development and transfer of battery recycling technologies as well as the sale of products and accessories made of nickel, cobalt, copper, cadmium and other metals.
According to companies information search platform TianYanCha, Ningde-based CATL holds a 28.57% stake in Brunp Recycling, which manufactures, processes and sells battery materials.
In 2018, CATL’s Canadian subsidiary bought a 90% controlling stake in a North American lithium firm, Jilin Jien Nickel Industry, to shore up supplies of the key raw material for its expanding global battery business.
