On August 2, Tianeng Group's lithium battery recycling comprehensive utilization project officially started. It is reported that the project will be implemented by the Group's subsidiary, Jiangsu Tianeng, with a total investment of RMB3 billion (USD444.5 million). Covering an area of 74.13 acres, the project is to be constructed in two phases with phase one to have a planned investment of RMB1.9 billion (USD282 million) and phase two of RMB1.1 billion (USD163 million). After the completion of the phase one, the project will form an annual processing capacity of 100,000 tons of waste lithium batteries and raw materials containing nickel, cobalt and lithium.