On September 24th, NanJing Public Utilities Development Co.,Ltd. (NJPUD) announced in the evening that the company plans to sign a "Equity Cooperation Agreement" with Jiangsu Ganfeng Recycling Technology Co., Ltd. and Nanjing Environment Group Co., Ltd. to jointly establish a joint venture company, and promote the layout of the green economy industry around the comprehensive reusing project of power batteries.
The registered capital of the company is Yuan 100 million, of which NJPUD plans to invest Yuan 40 million, accounting for 40% share. The joint venture company plans to invest in the construction of a 300,000 tonne retired battery recycling base in Jiangsu Province. The initial capacity for the first phase of the project is 30,000 tonnes, the second phase is 70,000 tonnes, and the third phase is 200,000 tonnes. The production capacity plan can be adjusted according to market demand. The total investment of the project is expected to be Yuan 1 billion, including Yuan 100 million for the phase I, Yuan 250 million for the phase II, and Yuan 650 million for the phase III.
Edited by Cassie Li, lixiangying@mysteel.com