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Ganfeng Lithium invests RMB 277 million in power battery project with annual capacity of 600MWh

Nancy From Gasgoo| January 09,2018

China auto market news,  Ganfeng Lithium Ganfeng Battery Jiangxi, battery capital increase China

Shanghai (Gasgoo)- Jiangxi Ganfeng Lithium Co., Ltd. (hereinafter referred to as Ganfeng Lithium) announced on Jan. 6 that it plans to invest RMB 277 million in Jiangxi Ganfeng Battery Technology Co., Ltd. (hereinafter referred to as Ganfeng Battery) to work on a high-capacity lithium-ion power battery project, which will boast an annual production capacity of 600MWh. Among the total investment, RMB 200 million will be the registered capital of Ganfeng Battery, and the rest will be the capital reserve.

With the capital increase, Ganfeng Battery's registered capital will be increased from RMB 100 million to RMB 300 million. Ganfeng Lithium still holds the whole stake of Ganfeng Battery. 

Ganfeng Lithium stated that the investment aims to secure the successful implementation of the fund-raising project and improve the utilization proficiency of the funding. It will also benefit the development of the company, strengthen the capital and business power for its wholly-owned subsidiary. 

According to the announcement, Ganfeng Battery earned revenue of RMB 65,485,600 during first nine months in 2017. The loss of net profit reached RMB 7,038,700 (without audit). In 2016, its revenue and loss of net profit reached RMB 73,449,800, and RMB 1,120,000. By the end of Sept. 30, the asset liability ratio of Ganfeng Battery is 65.67%. 

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