By Gabby Chen

Chinese battery maker CATL announced that its subsidiary Brunp Recycling (邦普循环) would invest RMB23.8 billion ($3.51 billion) in an integrated new materials industrial recycling project in Foshan, southern China's Guangdong Province, reported JW Insights.

In a statement on January 29, the company said the project which will build a production base with a capacity of recycling 500,000 tons of waste battery materials. It aims to promote the development of CATL's lithium battery materials and recycling business and ensure the supply of raw materials.

The new project will further improve CATL's strategic layout in related areas, leveraging its advantage of location in the Greater Bay Area covering southern coastal Guangdong Province, Hongkong and Macao. It will reduce production costs and enhances its core competitiveness through synergy effect, according to CATL.