China’s Tianneng Power International Limited plans to increase its annual production capacity to 3 GWH as it looks towards the lithium battery market for e-bike applications.
The electric vehicle battery supplier’s annual production capacity is currently around 1.25GWH—but it plans to more than double that by 2017 and increase its annual revenue to six billion RMB (US$984million).
To this end the firm opened a battery manufacturing plant to meet demand for 4th generation electric bicycle batteries at the end of last year. This raised a reported 189 million RMB (US$29.7million) for the group in the first half year.
However, the company is not solely concentrating on lithium, although 40% of the group’s annual capital expenditure of 800 million RMB (US$125.8million) is set aside to develop lithium cells.
Around 30% of the total is invested in lead-acid batteries; 20% goes into expanding medium-low electric vehicle batteries; 20% is invested in battery recycling, and the rest is used to develop its two- and three-wheel electric bicycle market.
Tianneng also plans to expand its international market, according to reports, beginning with exporting products to Southeast Asia this year.