A Chinese firm intends to invest ¥3 billion ($438million) in lithium-ion battery production in the country’s Xiangyang Yicheng city as it bids to build up its new energy industry base.
Battery manufacture Dynavolt Renewable Energy Technology has signed a contract with the city’s government to construct a plant with an annual lithium-ion battery output of 5GWh as well as research projects.
A further ¥5.8 billion ($847 million) will be put into building up renewable energy generation projects with 600MWP PV power, 200MW wind power, and 200MWh energy storage power station.
In addition, according to China’s market and national policy, the firm is prioritising investment in new a EV project in the city, as the country looks to get five-million EVs on its roads by 2020.
Dynavolt has three business segments in high-end battery manufacturing, clean power generation, and new energy vehicles.
In 2015 the firm exported $57.07 million worth of its lead-acid batteries.
Picture: from left: Yuewu Chen, Chairman of Dynavolt Tech. Jun Qin, Mayor of Xiangyang.