China’s Ganfeng Lithium Unit Inks JV With Turkish Battery Producer for New Plant

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Evaporation pools for lithium extraction in Potosi, Bolivia on Dec. 15, 2023. Photo: IC Photo

What’s new: A subsidiary of Ganfeng Lithium Group Co. Ltd. (002460.SZ) has signed an agreement with a Turkish battery producer to co-invest in a lithium battery project in Turkey, a stock exchange filing showed.

Under the agreement, Jiangxi Ganfeng LiEnergy Technology Co. Ltd. and Istanbul-listed Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic A.S . will set up a joint venture in Turkey, according to Ganfeng Lithium’s announcement , which was dated Saturday and filed to the Shenzhen Stock Exchange.

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Ganfeng Lithium subsidiary plans to co-invest $500 million with Turkish battery maker Yigit Aku in a lithium battery factory in Turkey with a 5 GWh annual capacity.
The joint venture will also establish an R&D center for advanced lithium battery technologies, including solid-state and high-power batteries.
Ganfeng Lithium, a major Chinese lithium miner facing a significant profit decline, seeks diversification amid volatile lithium prices.

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Who’s Who

Ganfeng Lithium Group Co. Ltd.: Ganfeng Lithium Group Co. Ltd. is one of China's leading lithium miners with operations spanning Australia, Argentina, Mali, and various regions in China. The company, listed in Shenzhen and Hong Kong, specializes in raw materials for batteries. In 2023, Ganfeng Lithium experienced a 75.7% year-on-year profit decline due to drops in lithium prices.

Jiangxi Ganfeng LiEnergy Technology Co. Ltd.: Jiangxi Ganfeng LiEnergy Technology Co. Ltd. is a subsidiary of Ganfeng Lithium Group Co. Ltd., one of China's largest lithium miners. The company is partnering with Yigit Aku to co-invest $500 million in a lithium battery factory in Turkey with an annual production capacity of 5 gigawatt-hours. The joint venture will also focus on R&D in advanced lithium battery technologies.

Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic A.S: Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic A.S. is a leading producer and exporter of lead-acid batteries, based in Ankara, Turkey. Established in 1976, the company specializes in rechargeable batteries used for starting engines, backup power, and other applications.

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