The Taixing Economic Decelopment Zone. [Photo/WeChat account: txfabu]
A project operated by GEM (Jiangsu) Cobalt Industry in Taixing Economic Development Zone, Taixing, Jiangsu province, was recently listed among the newest policy-based financial instrument candidate projects announced by the National Development and Reform Commission.
With an approved budget of 132 million yuan ($18.58 million), the project aims to produce 60,000 metric tons of multi-precursor materials for batteries each year.
Once it reaches production capacity, it will serve as a new industrial demonstration for the province's new energy sector and circular economy.
The company concentrates on developing a comprehensive lifecycle industry chain for cobalt products, establishing a green, low-carbon, and circular manufacturing approach for lithium battery materials and their precursors, along with the reuse of scrap cobalt resources.