On the evening of November 18, XTC New Energy Materials announced that the company plans to invest Yuan 600 million to establish a wholly-owned subsidiary, Xiamen Canghai New Energy Materials Co., Ltd., for the construction of a project with an annual output of 50,000 tonnes of high-performance battery materials.
The project has a total planned investment of Yuan 1.525 billion (the final investment amount will be based on actual expenditures), with funding sourced from Canghai New Energy's own capital and loans. The project's construction will involve equipment procurement and other measures to establish a production line with an annual capacity of 50,000 tonnes of high-performance battery materials. The construction period is set for 50 months (the actual construction period will depend on on-site progress).
Edited by Cassie Li, lixiangying@mysteel.com
