PHOTO
Electric car lithium battery pack and power connections. Image Courtesy: Getty Images
Guangzhou Tinci Materials Technology, a China-based supplier of electrolytes and electrolyte chemicals for lithium batteries, intends to invest $280 million to establish a plant in Morocco to produce and sell lithium-ion battery materials.
The plant will be developed by its Singapore unit, Yicai Global, China’s financial daily reported, citing a company statement.
The statement added that Morocco has significant phosphorite ore resources, noting that a plant in North Africa will help Tinci explore the European market.
In addition, the Chinese company has begun the pre-preparation stage, including the feasibility study and environmental impact assessment, for a new lithium battery electrolyte factory with an annual production capacity of 200,000 tons in Texas, US.
The plant’s construction will be completed in 30 months, it added.
(Writing by P Deol; Editing by Anoop Menon)
