Ganfeng Lithium to build solid-state battery base

Ganfeng Lithium has announced a strategic collaboration with the Hangzhou Gongshu District Government and Hangzhou Energy Group to develop a solid-state battery research and industrialization base in Hangzhou's Gongshu District. The agreements, including a framework and strategic cooperation agreement, aim to leverage the strengths of all parties to foster industrial growth and long-term development in areas such as electric vehicle electrification, renewable energy expansion, energy supply chain enhancement, and battery recycling. Hangzhou Gongshu District Government will provide a favorable business environment, while Hangzhou Energy Group will focus on providing facilities and support. The establishment of the new base will be led by a newly established Ganfeng subsidiary, with a registered capital of CNY 600,000,000. The cooperation agreements are not expected to have a material impact on the company's current financial situation.