Finnish battery maker builds plant in Tianjin

Finnish battery maker European Batteries Oy will build a production center in north China’s city of Tianjin, local officials confirmed on Tuesday.

European Batteries Oy is a leading manufacturer of high-capacity lithium-ion batteries.

European Batteries Oy is a leading manufacturer of high-capacity lithium-ion batteries.

According to China Daily, the center, located in Tianjin’s Binhai New Area, will manufacture lithium-ion batteries for hybrid and electric vehicles, according to an agreement signed by the company and the local government on Monday.

The center will be built with an investment of 2 billion yuan ($318 million) and have an annual output value of 4 billion yuan after becoming fully operational.

The first phase of the project will become operational in October, according to the agreement.

The company’s board chairman Eero Nuutinen said at a signing ceremony that he is confident about the investment, adding that his company will introduce new technology and products in order to further explore the Chinese market.

[box]Source: http://www.chinadaily.com.cn/business/2013-01/09/content_16098213.htm[/box]

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