Power Battery Project Sponsored by Farasis Energy and Geely Technology Group Begins Construction

On Thursday, a second project jointly built by Farasis Energy, a power and energy storage battery manufacturer, and Geely Technology Group, began its construction in the Fuling District of Chongqing. This project is owned by Chihang New Energy (Chongqing) Co., Ltd., the joint venture between Farasis Energy and Geely Technology Group.

The planned production capacity of the project is 12GWh and construction should take about 24 months and is expected to be put into trial production by the end of 2023. The production plant will cover an area of about 480 mu (32 hectares) and will have a construction area of about 310,000 square meters. The company will be mainly engaged in the R&D, production and sales of power battery cells and modules.

Geely Technology Group, which belongs to Geely Holding Group, is a large-scale industrial group with new materials and new energy as its core business. It has also invested in commercial aerospace and power batteries in recent years.

Founded in 2009, Farasis Energy focuses on the power battery and energy storage systems for new energy vehicles. The core product ternary soft-pack power battery has the advantages of high energy density, good safety performance, long life, and fast charging. As a result of its products and services, the company has ranked first in domestic shipments of soft-pack power lithium-ion batteries for three consecutive years from 2017 to 2019.

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Farasis Energy was listed on the Shanghai Stock Exchange on July 17, 2020. In the first quarter of 2022, it achieved an operating income of 1.529 billion yuan, a year-on-year increase of 317.09%, while the net profit attributable to shareholders was actually a loss of 244 million yuan. From January to February, 2022, the shipments of automotive power batteries at home and abroad reached 1.61 Gwh, up 273.93% year-on-year.