Finnish battery maker European Batteries Oy will build a production centre in north China’s city of Tianjin, local officials have said.
The centre, located in Tianjin’s Binhai New Area, will manufacture lithium-ion batteries for hybrid and electric vehicles, according to an agreement signed by the company and the local government at the start of the year.
The centre will be built with an investment of two billion yuan (US$318 million) and have an annual output value of four billion yuan after becoming fully operational.
The first phase of the project will become operational in October 2013, according to the agreement.
The company’s board chairman Eero Nuutinen said at a signing ceremony that he is confident about the investment, adding that his company will introduce new technology and products in order to further explore the Chinese market.