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Shenzhen BTR to build high-performance lithium-ion battery project

China Baoan Group Co., Ltd. announced that its subsidiary, Shenzhen BTR, will sign a project entry agreement with the Management Committee of Xiangyang Hi-Tec Development Zone. Shenzhen BTR will invest in building a high-performance lithium-ion battery project through establishing a subsidiary named Hubei BTR New Energy Technology Co., Ltd. It's expected that the project would have a total investment of RMB1.1 billion (USD168.05 million), including RMB500 million (USD76.38 million) for the phase one project.