CATL-SEMCORP joint venture to build battery materials machining lines in Xiamen

Shanghai (Gasgoo)- Yunnan Energy New Material Co., Ltd. (“SEMCORP”), a Chinese lithium-ion battery separator film supplier, recently updated the latest progress of its cooperation with CATL, under which both parties agreed last November to co-build a limited liability platform venture focusing on the investment in the projects of dry-/ wet-process separators.

According to the announcement SEMCORP released on Monday, the company's designated subsidiary, Shanghai Energy New Materials Technology Co., Ltd. has signed an agreement to build a lithium ion battery separator and coating cutting lines in the area co-administered by the Management Committee of Xiamen Torch Development Zone for High Technology Industries and the government of Xiamen Tong'an district.

Photo credit: SEMCORP

The platform joint venture, which is 51/49 held by SEMCORP and CATL, will build a project subsidiary to take charge of the construction and operation of the aforesaid facilities.

Temporarily named Xiamen Energy New Materials Technology Co., Ltd., the project subsidiary would involve a registered capital of 1.6 billion yuan ($239.403 million).

The project company plans to build 16 lithium ion battery separator and coating splitting lines with a total of 5.2 billion yuan ($778.059 million) to be invested. The facilities will mainly serve the markets of new energy vehicle power battery systems and energy storage systems, and is anticipated to start operation in 2023.