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Chinese composite materials supplier, which has recently ventured into energy storage, plans a significant investment totaling CNY800 million (approximately USD112.3 million) to establish a sodium-ion battery manufacturing facility. This plant aims to advance the mass production and large-scale deployment of this innovative energy storage technology.
The facility, situated in Neijiang in southwestern Sichuan Province, will feature separate production lines for cylindrical and prismatic sodium-ion batteries, with an overall annual capacity of 6 gigawatt-hours. The company announced these plans yesterday.
Construction of the project will occur in two stages. The initial phase involves a CNY300 million investment and aims to produce 2 GWh annually, with completion anticipated within six months. The second phase is scheduled to start within 24 months after the first phase’s commissioning.
An industry fund managed by local government authorities is expected to contribute a total of CNY90 million (around USD12.6 million), dedicated solely to funding the first phase of development.
The company began exploring sodium-ion battery technology in 2022. Its range of sodium-ion cells and modules has already been tested and verified by key downstream clients, integrated into their supply chains, and has secured sizeable orders.
For instance, its sodium-ion batteries have been used in 1.5-ton electric forklifts developed by a major Japanese manufacturer specializing in construction, mining, and forestry equipment.
While sodium-ion batteries share similarities with lithium-ion batteries, they have a lower energy density. However, they are more cost-effective to produce due to their main electrode materials, which are sodium salts. They also offer enhanced safety and better performance in low-temperature environments.
As of 2:40 p.m. in Shenzhen, the company’s stock was trading slightly higher at CNY14.69 (about USD2.06), up 0.2 percent.
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