Chinese battery materials producer, GEM plans to invest $48mn to build a plant that annually produces 100,000mt of recycled battery-grade nickel and cobalt in Hubei.
The company intends to lift its production of battery-grade material to over 400,000mt by 2025 to meet the need for batteries in the electric vehicle industry, according to media reports on Tuesday.
GEM mentioned in a stock exchange filing that nickel sulphate, cobalt sulphate, and cobalt chloride will be produced in equal volumes at its Jingmen plant in Hubei. The plant is expected to become operational within nine months, the company noted in the filing.