On September 22, Hubei Haigus New Energy Co., Ltd., a wholly-owned subsidiary of Shenhong Group, broke ground on its lithium battery materials project with a total investment of RMB18.6 billion (USD2.55 billion) at Yidu Chemical Industry Park in Hubei. This is also represents the largest investment project ever developed in Yidu city.
Upon completion, the project is capable of producing 500,000t of iron phosphate and 300,000t of lithium iron phosphate (LFP) annually and is expected to achieve annual production value of RMB27.8 billion (USD3.81 billion).
The project will be developed in two phases. Phase one will build production line with capacity of 100,000tpa of iron phosphate and 100,000tpa of LFP and it is expected to become fully operational by October 2024.
