On June 30, Zhejiang Shidai Lithium Battery Material Co., Ltd., located in Quzhou, Zhejiang, held a groundbreaking ceremony and a signing ceremony for a project aiming to develop annual production capacities of 150,000t of high-nickel NCM ternary cathode materials and 200,000t of ternary precursor materials, with a total investment of RMB18 billion (USD2.68 billion).