Hard ferrite magnet production firm Hengdian Group East Magnetics Co has invested 3billion yuan ($450.72million) in a lithium-ion factory in China.
Once completed the company aims to produce 6GWh of cylindrical, square or soft pack high-capacity lithium-ion batteries.
The four year project is scheduled to be completed in December 2019, and will be located in Hengdian, Zhejiang Province where the company has a photovoltaic plant.
The plant will be around 76,000m2, and include 10 high-capacity lithium-ion battery production lines, automatic five modules assembly line and various production and testing equipment.
Once finished the plant should make 150,000 battery packs, and 20,000 sets of commercial vehicle battery systems.
Its cylindrical batteries will range between 2.6 ~ 3.4 Ah, with an energy density of 206 ~ 264Wh/kg.