Chinese electric car battery maker Farasis Energy (孚能科技) said it will build another factory in Guangzhou, southern China's Guangdong Province, to meet surging demand from NEV makers, reported Yicai Global on January 30.

The facility, which will be located in the Guangzhou Economic and Technological Development District, will produce 30 gigawatt hours of lithium iron phosphate batteries and ternary lithium batteries a year, Farasis Energy, which is mainly known for its ternary lithium batteries, said yesterday.

Farasis Energy was founded in 2009 and listed on Shanghai Stock Exchange in 2020. The new facility will be the firm's fourth production base in China. By situating it in Guangzhou, the company will be able to better supply major clients in the area and drum up more business, said the company, which is based in Ganzhou in lithium-rich southeastern China's Jiangxi Province.

The project will be financed by various methods including equity financing, it added, citing the deal penned with the economic and technological development district's management. No details about the yearly output of each type of battery, the cost of the project nor the construction timetable were given.

Farasis Energy currently operates two factories. It also has another plant under construction, costing RMB5.3 billion ($781.2 million) and which will have an annual output of 24 GWh, according to Yicai Global.

(Chen HX)