On October 30, Lopal Tech announced that Shandong Liyuan, a second-tier controlled subsidiary of the company, intends to invest in and construct the Shandong Liyuan LP-15 Project in the Chemical Industrial Park of Juancheng County, Shandong Province.
The project has an overall planned construction of a production line with an annual output of 150,000 tonnes of battery-grade iron phosphate, with a total investment of approximately Yuan 942 million. The investment is intended to achieve in-house supporting supply of iron phosphate raw materials, stabilize the supply chain, reduce procurement costs, and ensure the implementation of lithium iron phosphate (LFP) cathode material production capacity. The project funds will come from the proceeds raised from the Company's 2021 non-public issuance of shares, Shandong Liyuan's own funds, bank loans, or self-raised funds. The matter has been deliberated and approved by the Board of Directors and is still subject to submission to the Shareholders' Meeting for deliberation.
Edited by Cassie Li, lixiangying@mysteel.com
