Shanghai (ZXZC)- Chinese power battery maker Farasis Energy (GanZhou) Co., Ltd. ("Farasis Energy") announced on Jan. 30 it intends to sign an agreement with the Administration Committee of Guangzhou Economic and Technological Development Zone for a new power battery manufacturing project.

Under the project, the company will build a factory in Guangzhou city to produce LFP and ternary-lithium power batteries with a designed annual production capacity of 30GWh.

SPS system layout; photo credit: Farasis Energy

Farasis Energy said the project is launched to further promote the company's latest power battery solution "SPS"  ("Super Pouch Solution"), attract new clients, explore new markets, and support its major OEM clients nearby.

Covering a planned area of 500-600 mu (333,300- 400,000 square meters), the factory is set to be constructed in Sino-Singapore Guangzhou Knowledge City ("SSGKC"). Under the agreement, Farasis Energy should register a subsidiary in SSGKC to manage the project.

The Administration Committee of Guangzhou Economic and Technological Development Zone should support Farasis Energy in obtaining loans and joining local energy storage projects. Besides, the authority will also help in making the new energy vehicle (NEV) models carrying Farasis Energy's power batteries included in the local government's procurement catalogues.

In 2022, Farasis Energy recorded a power battery installed capacity of 5.36GWh in China, accounting for 1.82% of the country's overall annual volume, according to the data by the China Automotive Power Battery Industry Innovation Alliance.