CATL inks deal with Fujian Investment on RMB 2.4 billion lithium battery storage project

Shanghai (Gasgoo)- China's largest battery provider Contemporary Amperex Technology (CATL) signed a contract on a large energy storage project of lithium battery with Fujian Investment & Development Group Co., Ltd. (hereinafter referred to as Fujian Investment) on June 18. The project will roll into Jinjiang, Fujian Province.

It is known that CATL, Fujian Investment and Fujian Electric Power Survey & Design Institute (hereinafter referred to as "FEDI") will form partnership to finish the construction of the project. The project involving RMB 2.4 billion is planned to be built into three phases. The first phase will build a 100MWh lithium battery storage facility. The scales of lithium battery storage facility for the second and third phase will be expanded to 500MWh and 1,000MWh respectively. At the same time, the supporting mobile storage facility and mobile charging facility will be also provided.

The first phase of the project will occupy an area of 20 mu (about 13,333 square meters) with a planned investment of RMB 300 million. After put into operation, the phase's annual production value will reach RMB 100 million.

Established in 2011, CATL sells batteries for cars, buses, and logistics vehicles. It experienced remarkable sales growth during the past three years. From 2015 to 2017, the company's revenue reached RMB 5.703 billion, RMB 14.879 billion and RMB 19.997 billion with an average compound annual growth of 87.26%. Its net profits totaled RMB 951 million, RMB 2.918 billion and RMB 4.194 billion with an average compound annual growth of 110.05%.

On June 11, the largest battery provider in China made its debut on the ChiNext board in Shenzhen with market shares soaring 44%, which is the maximum allowed for newly listed stocks on their first day of trade.