Another production facility is being planned in the Jiangxi province, which is expected to offer an annual capacity of 30 GWh when completed. The Ganzhou production facility will be built in two phases; the first phase includes the production of NCM pouch cells with an annual production capacity of 18 GWh. The remaining 12 GWh are planned for the second phase, although the type of cells to be produced after the expansion has not yet been determined and will depend on the market situation.
This agreement is part of a memorandum of understanding signed by the company and the Ganzhou Economic & Technological Development Zone administration. Under the coordination of the Management Committee of Ganzhou Economic & Technological Development Zone, relevant authorities would purchase and use new energy vehicles equipped with Farasis Energy’s batteries, and allow the battery manufacturer to conduct some energy storage projects in priority.
The further procedure agreed in the memorandum of understanding is that once the official investment cooperation agreement is signed, Farasis Energy will have 30 days to establish a project company that will act as a legal entity to manage construction in the Ganzhou Economic & Technological Development Zone.
A timetable for the new factory in Ganzhou or the amount of the investment have not yet been disclosed.
There are currently two production facilities in Ganzhou and Zhenjiang with a total capacity of 21 GWh/a. A third production facility with a targeted capacity of 24 GWh/a is currently under construction in Wuhu (China). A fourth production facility, Siro, is under construction as a joint venture with Togg in Gemlik, Turkey.
Earlier this year, it was announced that Geely and Farasis had begun construction of a new 30 GWh factory in China in the city of Chongqing as part of their battery joint venture.