Chinese firm Do-Fluoride Chemicals Co., Ltd plans to raise around CNY1.7 billion ($258 million) to produce materials for automotive lithium batteries and battery pack manufacturing.
The company will raise the capital through a private placement, according to brokerage firm Everbright Securities Company Limited, a subsidiary of the country’s Everbright Group, which is handling the placement.
Everbright said on 21 November Do-Flouride intends to invest CNY433.96m in building a 45,507 square-metre manufacturing facility at the site of its existing Jiaozuo factory in central China’s Henan Province.
Do-Fluoride said the facility would produce an estimated 10,000 tons of “self-developed high-performance” crystal lithium hexafluorophosphate (LiPF6), using “hydrogen fluoride-lithium carbonate-phosphorus trichloride” production technology.
The remainder of the funds raised will be ploughed into new lithium battery pack manufacturing facilities with an annual capacity of 10GWh, which Do-Fluoride said will target increasing demand for the domestic electric vehicles market.
Both projects are expected to completed and start operation within the next five years.