Optimum Energy to boost production of lithium-ion automotive batteries
November 28, 2016 Category Automotive, Weekly
Shaanxi J&R Optimum Energy Co, which started as a firefighting equipment manufacturer, used acquisitions to make inroads into the lithium-ion automotive battery and electric vehicle industry. It has acquired a 19.9% stake in Altura Mining, an Australian supplier of lithium raw materials, for AUD41.6 million. Altura will supply Optimum 10 million to 15 million metric tons annually of spodumene, a raw mineral which is a source for lithium-ion batteries. In China, the output of lithium-ion automotive batteries was 16.9 GWh in 2015, while the demand is projected to reach 125 GWh in 2020, according to Sinolink Securities Co. In addition, the company recently won a contract for 120 all-electric battery buses, worth CNY103 million from Jinzhou Public Transportation Corp, a bus company in Liaoning province. Li Yao, General Manager of Optimum, said: “New energy vehicles will be the company’s strategic focus. Based on this, we will expand into various related businesses in the future.” China’s output of electric vehicles was 276,000 in the first 10 months of 2016, up 98.1% from the same period last year, while sales more than doubled to 258,000, data from the China Association of Automobile Manufacturers (CAAM) showed.
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