Camel Group Co., Ltd., a China-based lead-acid battery manufacturer, has announced plans to invest CNY35 million ($5.2 million) to form a waste battery recycling joint venture (JV) business with a domestic investor.
Camel has signed a cooperation and investment agreement for the JV with Lei Jia, an investor from China’s Anhui Province, who will invest CNY15 million ($2.2 million) in the project. The new business, tentatively named Camel Group Anhui Renewable Resources Co., Ltd., would have a total registered capital of CNY50 million ($7.4 million).
However, Camel said the future of the project depended on obtaining the approval of China’s Government.
If the JV gets the green light, it would focus on the recycling of both lead-acid and lithium batteries, Camel said. The new business would be set up on an industrial zone in Anhui Province and start operations within 14 months – with the aim of achieving an annual production capacity of 260,000 tons of extractive plumbum.
According to Camel, Anhui Province accounts for the second largest lead production in China. Setting up the JV in Anhui could see the company benefit from local industrial support policy.