China's largest lithium-ion battery cathode active material (CAM) manufacturer XTC New Energy Materials (Xiamen) has signed a supply agreement with major CAM precursor producer Green Eco-Manufacture's (GEM) wholly-owned subsidiary Jingmen GEM to strengthen cooperation on CAM precursor supplies.
XTC New Energy will purchase 5,000-15,000 t/yr of cobalt tetroxide and 15,000-35,000 t/yr of lithium nickel-cobalt-manganese oxide (NCM) precursors from Jingmen GEM until the end of 2023. The two firms had established a long-term partnership in CAM precursor supplies before this deal was announced.
XTC New Energy went public on the Science and Technology Innovation Board of the Shanghai Stock Exchange on 5 August to raise 1.5bn yuan ($232mn) to finance its construction of a NCM facility in Xiamen in southeast China's Fujian province with capacity of 20,000 t/yr, which will lift the firm's NCM capacity from 30,000 t/yr to 50,000 t/yr.
The firm was formerly the battery materials division of Xiamen Tungsten, which started research and development of lithium-ion battery cathode materials in 2004. XTC New Energy Materials (Xiamen) was incorporated in December 2016 and has operated independently since then, becoming a subsidiary of XTC which researches, develops, produces and sells lithium-ion battery cathode materials with lithium cobalt oxide (LCO) and NCM as its key products.
XTC New Energy reported an output of 33,750t for LCO and 16,113t for NCM in 2020, accounting for 42.8pc and...
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