CATL, the Chinese battery giant, plans to invest up to 23.8 billion yuan ($3.5 billion) in a new project to recover waste batteries and produce lithium materials.
CATL's subsidiary, Guangdong Bangpu Recycling Technology Co Ltd, will invest in and construct the facilities in Foshan, Guangdong province, according to a statement.
According to the company, the project will have a capacity of recovering 500,000 tonnes of waste battery materials and producing lithium iron materials and other materials.
CATL, or Contemporary Amperex Technology Co. Limited, is a Chinese battery manufacturer and technology company that was founded in 2011 and specialises in the production of lithium-ion batteries for electric vehicles and energy storage systems, as well as battery management systems (BMS). CATL is the world's largest lithium-ion battery manufacturer for EVs, with a market share of 32.6% in 2021, producing 96.7 GWh of the global 296.8 GWh, an increase of 167.5% year on year. The company intends to have a manufacturing capacity of more than 500 Gwh by 2025 and more than 800 Gwh by 2030.
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