Chinese firm Ningbo Shanshan, the world’s largest supplier of electric car battery materials has ambitious plans to invest up to 1.28 billion euros ($1.35 billion) in a new project in Finland.
The project is a part of the Chinese company’s plan to expand its overseas presence and meet growing demand, said the firm.
The project, undertaken by the subsidiary Shanghai Shanshan Lithium Battery Material Technology Co. Ltd., will involve the construction of a facility capable of producing 100,000 tons of lithium-ion battery anode materials a year, according to the recent stock exchange filing by the firm. Shanshan said that it will build the Finnish factory in two phases within a construction period of 24 months.
“North Europe mainly uses energy generated from hydropower and biomass fuels. It has low electricity prices, and can get the product to major battery clients in Western and Central Europe,” a statement from Shanshan said.
In its latest earnings report, Shanshan said that the firm said that the demand for new energy vehicles is growing rapidly, boosting demand for battery anode materials.
Shanshan was the first Chinese firm to focus on the research, development, and production of artificial graphite anode materials for lithium batteries. The company had an annual production capacity reaching 700,000 tons last year.
