By Kate Yuan

Ganfeng Lithium (赣锋锂业), China’s leading lithium compounds supplier, announced to invest RMB 5 billion ($737 million) in constructing a new type of lithium battery and energy storage headquarter with an annual output of 10GWh in Dongguan of Guangdong Province, JW Insights reported on January 29.

The project includes R&D bases and production lines for lithium iron phosphate, semi-solid battery cells, light power batteries, outdoor portable energy storage powers, household energy storage, and industrial and commercial energy storage systems.

The project will improve the production scale, market share and R&D capabilities of the company's lithium battery products, and optimize industry chain structure, said the company.

Ganfeng Lithium was founded in 2000 in Xinyu of southeastern China’s Jiangxi Province. It went public in 2010 on the Shenzhen Stock Exchange, becoming the first listed company in China's lithium industry.

The company may adjust investment scale and project content according to national policies, macroeconomic environment and industry changes due to the long construction period, it added.