Shanghai (ZXZC)- Jiangxi Ganfeng LiEnergy Technology Co.,Ltd. (called “Ganfeng LiEnergy” for short), a Chinese lithium power battery manufacturer, signed an agreement on September 1 to build a “new-type” battery technology industrial park and an advanced battery R&D center in Chongqing's Liangjiang New Area.

Ganfeng LiEnergy's power battery; photo credit: Ganfeng LiEnergy

Of the early-stage investment worth 5.4 billion yuan ($834.931 million), 5 billion yuan ($773.085 million) will be plowed into the construction of the new battery tech industrial park, which will have lithium battery production lines with an annual capacity of around 10GWh, according to a post on Chongqing Liangjiang New Area's WeChat account.

The other 400 million yuan ($61.847 million) will be used to build an independent R&D hub where Ganfeng LiEnergy will form a professional group to conduct R&D business and testing about hybrid batteries with clients from the industries including energy storage, battery of consumer electronics, and power battery.

The majority shareholder of Ganfeng LiEnergy is Ganfeng Lithium, one of the world’s top producers of the commodity used in electric vehicle batteries. According to the public information, Ganfeng Lithium is well known as a supplier of battery-grade lithium to clients including automakers like Tesla, BMW, and Volkswagen Group.

According to an announcement Ganfeng Lithium issued in early August, Ganfeng LiEnergy will spend no more than 3 billion yuan ($463.851 million) on a 5 GWh battery plant in Ganfeng's home province Jiangxi, which will be put into operation in October 2023.