Youngy Group announced in late May that it has signed a letter of intent with the government of Wuhai. According to the letter, Youngy Group will set up a local base for the manufacturing of Li-ion battery cells and packs. The total investment in this project is estimated to reach around RMB 3.5 billion. Spanning an area of 500 mu, the base will have a total production capacity of 10GWh per year. Wuhai is a prefecture-level city in China’s Inner Mongolia. Youngy Group said the project will fill a major gap in the local industry cluster for energy storage equipment. Youngy Group is a Chinese supplier for materials used in Li-ion batteries.
Youngy Group first invested in the field of rechargeable batteries in 1995, much earlier than did BYD. In 2009, Youngy Group entered the lithium resource sector by establishing a lithium ore sorting business. Then, in 2014, Youngy Group divested its asphalt business in order to committed more resources into the manufacturing of lithium salts and Li-ion batteries.
Currently, Youngy Group its own complete industry chain for Li-ion batteries, covering lithium resources, battery materials, battery manufacturing equipment, and end products such as power supply and energy storage hardware. The company has also established a circular manufacturing system that consume recycled battery materials.
Due to its extensive vertical integration, Youngy Group is able to develop a comprehensive line-up of cost-competitive and high-performance products for materials, cells, packs, and systems. The company boasts that it is among top-tier companies in the Li-ion battery industry when it comes product performance indicators such as storage capacity, energy density, compaction density, and charging and discharging capabilities.
In terms of offerings, Youngy Group has cells ranging from 72Ah to 280Ah in capacity. Turning to packs, the company focuses on the development of cell-to-pack solutions that can improve energy density, heat dissipation, and the balance between performance and lifespan. The company also holds key technologies related to liquid cooling, thermal runaway warning, and fire suppression.
Presently, Youngy Group has two manufacturing bases in operation. One is used to supply batteries for electronics and has a production capacity of 50 million pieces for year, while the other one is used to supply NEV power batteries and has a production capacity of 8GWh per year.
Regarding capacity expansion activities, Youngy Group announced in June 6, 2022, that it would invest RMB 10.3 billion to build a smart manufacturing and R&D hub in Guangzhou. The first phase of this project is designed to have a production capacity of 20GWh per year for Li-ion batteries. According to the development plan, a 9GWh automated production line for battery cell and a 4.5GWh production line for modules and pack will be completed by the fourth quarter of 2023. On the whole, Youngy Group aims to raise its production capacity for cells to more than 30GWh per year and its production capacity for modules and packs to more than 20GWh per year by 2028.
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.