Xiamen Tungsten New Energy (688778.SH) plans to invest 1.525 billion yuan to build a project with an annual output of 50,000 tons of high-performance battery materials.

Zhicheng Finance and Economics APP News, Xiamen Tungsten New Energy (688778.SH) announced that in recent years, the technology development of the battery industry has been fast, which has put higher demands on battery materials. There has been a sharp increase in demand for high-performance batteries in new energy vehicles, energy storage, and consumer electronics. In order to seize market opportunities and enhance the company's core competitiveness, the company plans to invest 600 million yuan to establish a wholly-owned subsidiary named Xiamen Canghai New Energy Materials Co., Ltd. (tentative name, subject to the approval of the registration department, hereinafter referred to as "Canghai New Energy") to invest in the construction of a project with an annual output of 50,000 tons of high-performance battery materials. The project is expected to have a total investment of RMB 1.525 billion (the final investment amount is subject to actual investment), with funding from own funds and loans.