(Yicai Global) June 26 --  Contemporary Amperex Technology, China's largest lithium battery  producer, will increase its investment nearly eight times in an upcoming  German base that may become the largest power unit factory in the  world.

CATL's total investment in  the plant, including a research and development center, will be raised  to up to EUR1.8 billion (USD2 billion), the Ningde-based firm said in a  statement yesterday. The company originally promised to invest EUR240  million (USD272.5 million) in the project.

The firm penned a deal  with the government of central Thuringia state in Germany about the  project last July. The factory was scheduled to be put into operation in  2021. 

CATL intends to  significantly increase the plant's production capacity to build the  world's largest battery factory in Germany, Matthias  Zentgraf, president of CATL's European arm, said at a meeting in  February. The initial production capacity target of 14 gigawatt hours  was expanded to 100 GWh.

The company announced on  the same day that it plans to issue corporate bonds worth up to CNY10  billion (USD145 million) in total in order to meet its business  development demand.

CATL's [SHE:300750] shares have risen 1.6 percent today to CNY69.90 (USD10.20). 

Editor: Emmi Laine