NETDA secures $50m project

Representatives of Hong Kong Xing Yu International Co and the Nantong Economic and Technological Development Area sign an agreement to build a small polymer lithium battery production base and sales headquarters in the area on Aug 31. [Photo provided to NETDA] 

Hong Kong Xing Yu International Co signed an agreement to build a small polymer lithium battery production base and sales headquarters in the Nantong Economic and Technological Development Area (NETDA) in East China's Jiangsu province, on Aug 31.

The $50-million facility is expected to produce 200,000 to 500,000 small lithium batteries per day and generate annual sales revenues of 700 million yuan ($95.34 million) as well as taxes in the amount of 30 million yuan per year.

The batteries will be mainly used in fields such as electronic cigarettes, TWS bluetooth earphones, and 5G wearable devices.

Xing Yu is a high-tech enterprise engaged in lithium batteries that has set up production bases in Chongqing and Huizhou in Guangdong province, as well as subsidiary companies in Singapore and Macao.

The facility will play a pivotal role in bolstering NETDA's new energy industry, which is currently home to industry-leading enterprises such as Jiangsu Linyang Energy, Tongwei Solar, and Senior Material, said a local official.