Tianyuan Group announced on June 22 that it plans to issue no more than 30% of the shares and raise no more than RMB2 billion (USD298.4 million) for 100ktpy LFP cathode material project, R&D testing center construction project as well as for repayment of bank loans with investments of RMB1.28 billion (USD190.98 million), RMB170 million (USD25.36 million) and RMB550 million (USD82.06 million) respectively.

Among them, the LFP project is planned to be built in two phases. In the first phase, two production lines will be constructed with a total production capacity of 2.5ktpy and a construction period of 10 months. The second phase includes eight production lines with a total production capacity of 7.5ktpy and a construction period of 24 months.