Lopal Technology announced that its holding subsidiary, LBM NEW ENERGY (AP) PTE. LTD., plans to invest in the construction of the Electric Vehicle Power and Energy Storage Battery Cathode Material Large-Scale Production Project in Indonesia through its wholly-owned sub-subsidiary, PT LBM ENERGI BARU INDONESIA BATANG.
The total investment for the project is approximately US$160 million (equivalent to approximately Yuan 1.088 billion), with plans to build a production line with an annual capacity of 120,000 tonnes of second-generation and third-generation lithium iron phosphate (LFP) cathode materials. This matter has been reviewed and approved by the board of directors and is still subject to review by the shareholders' meeting as well as filing/approval by the relevant authorities.
Edited by Cassie Li, lixiangying@mysteel.com
