On July 9, Azure announced that the company held a board meeting on July 8 and approved the proposal for a lithium-ion battery project investment in Indonesia.
The project has a total investment of USD 290 million (approximately Yuan 1.97 billion), and involves a new 5 GWh cylindrical lithium battery manufacturing facility. It will be implemented through establishing a wholly-owned subsidiary in Hong Kong, which will in turn set up a wholly-owned subsidiary in Indonesia. Upon full completion and reaching designed capacity, the project is expected to have an annual production capacity of 5 GWh for various types of lithium batteries, including 21700 cells, which will significantly enhance the company's ability to secure product supply for overseas customers and lay a solid foundation for its global industrial layout.
Edited by Cassie Li, lixiangying@mysteel.com
