Farnlet New Energy Technology held a groundbreaking ceremony for its new production plant in the Anqing Hi-Tech Zone on September 28. The plant will be used to manufacture electrolytes for Li-ion batteries and have a production capacity of 150,000 tons per year. The Anqing Hi-Tech Zone is within China’s Anhui Province.
According to the local news website, Farnlet formally landed its new electrolyte production plant in the Anqing Hi-Tech Zone on February 22 this year. The total investment in this project is set at RMB 500 million. The plant is scheduled to finish construction and enter operation in March next year. Once up and running, the plant is projected to generate a maximum output value of RMB 6-8 billion.
Established in 2014, Farnlet has production facilities in Changsha (Hunan Province) and Jiaozuo (Henan Province). It has received capital injections from Lopal and DFD New Energy, which are two major domestic suppliers for battery materials. The products and services offered by Farnlet include rechargeable batteries, electrolytes for Li-ion batteries, electrolytes for Na-ion batteries, additives for electrolytes, and other advanced chemical products. The company’s capabilities encompass R&D, manufacturing, sales, and technical services.
Farnlet also plans to build another new electrolyte production plant in Luzhai County, Guangxi Province. On July 5, the company and the county government held a ceremony for signing an agreement of intent. The plant in Luzhai is designed to have a production capacity of 100,000 tons per year.
Currently, Farnlet has already established partnership with several domestic battery suppliers such as Gotion High-Tech, Phylion, Ganfeng Lithium Battery Technology, and REPT. Going forward, Farnlet will continue to aggressively expand its client base.
It is also worth noting that Beijing Xiaomi Zhizao Equity Investment Fund Partnership and Hubei Xiaomi Changjiang Industry Fund Partnership became shareholders of Farnlet this May. At that same time, the registered capital of the company was raised by 11.11% from RMB 119 million to RMB 132 million.
This article is a translation of a Chinese article posted by TrendForce. It contains information that is either sourced from other news outlets or accessible in the public domain. Some Chinese names are transcribed into English using Hanyu Pinyin.