$1bln Li-ion battery materials project proposed in Oman
Muscat - Chinese global battery materials manufacturer Hunan Zhongke Electric Co Ltd, a publicly traded company listed on the Shenzhen Stock Exchange, has announced that it plans to set up a first-ever lithium-ion battery anode production facility in the Sultanate of Oman with an investment estimated at $1.1 billion (equivalent to around 8 billion yuan).
The proposed investment will be made through its Hong Kong-based wholly-owned subsidiary, Zhongke Shinzoom (Hong Kong) Holdings Limited, a subsidiary of its holding subsidiary Hunan Zhongke Shinzoom Graphite Co, Ltd.
The project centres on the development of an integrated base for the production of 200,000 metric tonnes of lithium-ion battery anode materials annually. The facility, tipped to be built at Sohar Port and Free Zone, will be constructed in two phases, each with a planned capacity of 100,000 mt per year, and the construction period for each phase is expected to be 36 months.
Zhongke specialises in developing, manufacturing, and distributing graphite negative electrode materials for lithium batteries used in consumer electronics, electric vehicles, and energy storage. The company also produces electromagnetic equipment and other products. Its products are supplied to leading manufacturers of auto batteries in China and globally.
Zhongke aims to capitalise on the restructuring of the global lithium battery supply chain by leveraging its Oman project to expand into international markets, tap into emerging opportunities, and position itself as a leading global brand in lithium-ion battery anode materials.
Together with investments flowing into polysilicon, solar PV and module, and even wind turbine projects in Suhar and Al Duqm, the latest investment in lithium battery materials will enhance Oman's positioning as a regional hub for goods destined for the burgeoning global clean energy industry.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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