Beijing (ZXZC)- Chinese battery giant CATL announced on September 28 the decision to build a new energy battery manufacturing base in Luoyang, Henan Province with an investment amount of no more than 14 billion yuan ($1.94 billion).

Photo credit: CATL

The planned entity of implementation for the project is Zhongzhou Shidai New Energy Technology Co., Ltd. ("Zhongzhou Shidai" is Chinese Pinyin), which is CATL’s wholly-owned subsidiary incorporated in Henan Province on September 26. 

The project, temporarily dubbed Luoyang New Energy Battery Manufacturing Base, will be located in Yibin District, Luoyang. With a planned area of 1,700 mu (1.133 million square meters), the base will house production lines for new energy power battery systems and storage systems. The construction duration of the base will not exceed 36 months.

With the rapid development of the global new energy industry, the shipments of power batteries and energy storage batteries will enter the "TWh" era in the next few years, CATL commented. In order to meet the needs of the company's future business development and market expansion, and ensure timely delivery of customer orders, CATL plans to step up its production capability accordingly and further improve the layout of production bases.

By virtue of Luoyang's industrial base and location advantages, CATL aims to facilitate cooperations in Luoyang regarding new energy battery R&D and production, new energy industry ecosystem construction, and new energy technology application.