On November 17th, Kingenta announced that in order to meet the company's future development strategy and strengthen the company's strategic layout, Guizhou Zhenglin New Energy Investment Co., Ltd., a wholly-owned subsidiary of the company, plans to increase its registered capital to Yuan 180 million with its own funds. After the capital increase is completed, the registered capital of the company will increase to Yuan 200 million, The purpose of this capital increase is to invest in the construction of an annual production of 100,000 tons of precursor materials for iron phosphate batteries, with an estimated total investment of Yuan 600 million.
The project is divided into two phases. The first phase is the project of producing 30,000 tons of cathode precursor materials for iron phosphate batteries annually. It is expected to be completed in June 2024. The second phase of the project that will produce 70,000 tons of cathode precursor materials for iron phosphate batteries annually. The second phase needs to be constructed based on the operating situation of the first phase.
Edited by Cassie Li, lixiangying@mysteel.com
