New project to boost Taizhou city's lithium industry

It's smiles all round as representatives from Shenghong Group and the Taizhou Medical High Tech Zone sign a key agreement. [Photo/WeChat account: tzfabu]

The Shenghong Group and the Taizhou Medical High Tech Zone – located in Taizhou city in East China's Jiangsu province – on Dec 15 signed an important strategic agreement.

Under the accord, Shenghong Group will invest 12 billion yuan ($1.72 billion) to build a new energy storage battery and system integration plant in the zone.

The project is expected to achieve annual sales revenue of about 25 billion yuan and annual profits and tax of about 2.5 billion yuan after it goes into production.

The first phase of the project will cost about 3 billion yuan to build a 5 GWh high-performance energy storage lithium-ion battery and systems production line.

This is scheduled to start production before the end of July next year, ramping up to full production before the end of December 2023.

The first phase is expected to bring in annual sales revenue of 5 billion yuan and annual profits and tax of 500 million yuan.

According to officials, the project will give strong support to the integrated and cluster development of Taizhou's strategic emerging industries and will further promote its industry transformation and upgrading.