How much money will Hunan yuneng New Energy Invest?

On April 24, Hunan Yuneng New Energy announced that it plans to invest around RMB 8 billion in the development of the phase 2 of its Yunnan manufacturing base. This capacity expansion will be implemented through its wholly-owned subsidiary Yunnan Yuneng New Energy Battery Material. Furthermore, the funding will primarily come from Yuneng itself.

How will Yunnan expand its capacity?

This capacity expansion will be implemented through its wholly-owned subsidiary Yunnan Yuneng New Energy Battery Material. Furthermore, the funding will primarily come from Yuneng itself. The phase 2 of the Yunnan base will comprise production lines for LiMnxFe1-xPO4, iron (III) phosphate, and hydrogen peroxide.

Who is Hunan yuneng new energy battery material?

Hunan Yuneng New Energy Battery Material Co.,Ltd. manufactures and distributes lithium ion battery cathode materials. The Company produces lithium iron phosphates, ternary materials, and other products. Hunan Yuneng New Energy Battery Material supplies its products in new energy vehicles, energy storage, and other fields.

Is yuneng a ternary cathode company?

Yuneng’s main offerings are LFP and ternary cathode materials that used in Li-ion batteries, though much of the recent focus has been on the former. The company’s own annual report for 2022 stated that its market share for LFP rose from around 25% in 2021 to around 29% in 2022.

What is Hunan yuneng's production capacity in 2022?

As of the end of 2022, Hunan Yuneng’s annual production capacity and annual production volume for LFP had come to around 348,000 tons and 337,200 tons respectively. The utilization rate of its production capacity for LFP had also reached 96.82%. The planned annual production capacity for LFP at that amounted to around 140,000 tons.

How did Hunan yuneng perform in 2022?

In terms of financial performance, Hunan Yuneng’s first-ever annual report stated that the company’s realized revenue for 2022 totaled RMB 42.79 billion, showing a massive YoY growth of 505.44%. The company’s net profit for 2022 also surged by 153.96% YoY to RMB 3.007 billion.