Innuovo Tech invests in NdFeB expansion project

Innuovo Technology (SZSE:000795) announced plans to invest in the construction of an annual production capacity of 5,000 tons of sintered Neodymium Iron Boron (NdFeB) magnets through its wholly-owned subsidiary, Zhejiang Dongyang Dongci Rare Earth Co., Ltd. The project, with an estimated total investment of CNY 42.381 million, aims to enhance the company's production capacity in response to growing market demand. The investment was approved at the company's ninth meeting of the tenth board of directors. Construction is expected to be completed within 18 months.