Chinese battery-materials maker, Ningbo Shanshan Co. Ltd., has shared that the company is planning to invest up to 1.28 billion euros in a new plant in Finland. The project is a part of the Chinese company’s plan to expand its overseas presence and meet growing demand.
Shanshan’s shares rose, Wednesday, September 27, after revealing its plans to expand by building an anode material plant in Finland.
Ningbo Shanshan, the world’s largest supplier of electric car battery materials, will build the Finnish factory in two phases. Each with the projection of an annual production capacity of 50,000 tons and a construction period of 24 months.
“North Europe mainly uses energy generated from hydropower and biomass fuels. It has low electricity prices, and can get the product to major battery clients in Western and Central Europe,” a statement from Shanshan said.
Demand for new energy vehicles is growing rapidly, boosting demand for battery anode materials, Shanshan stated in its latest earnings report.
Shanshan was the first Chinese firm to focus on the research, development, and production of artificial graphite anode materials for lithium batteries. The company had an annual production capacity reaching 700,000 tons last year.