XTC New Energy Plans 237 Million Yuan Investment in New Factory

MT Newswires Live11-19

XTC New Energy Materials (Xiamen)'s (SHA:688778) plans to invest 236.9 million yuan to build a new factory to produce hydrogen energy materials and functional materials.

The new factory is expected to produce 5,000 tons of hydrogen energy materials and 7,000 tons of functional materials annually, the Chinese producer of cathode materials said in a Shanghai Stock Exchange filing on Wednesday.

Construction is expected to take 26 months to complete.

The company said the project is aimed at improving the production efficiency of hydrogen storage alloys, meeting market demands in hydrogen energy transportation and energy storage, and setting up a solid-state hydrogen storage device production line.

The investment will be made through its wholly-owned subsidiary, Xiamen Tungsten Hydrogen Energy.

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