(Yicai Global) May 29 -- China's battery component-maker Easpring Material Technology plans to build a lithium battery materials factory in the city of Changzhou in eastern Jiangsu province to meet the demand of batteries in the new energy vehicles market.

Easpring will invest CNY3 billion (USD 469 million) to build a manufacturing base of Nickel-Rich layered cathodes for lithium batteries, said the Beijing-based firm, adding that after the project is completed, the annual capacity will be 100,000 tons.

Demand for Ni-Rich cathodes will further surge in the future, said the firm, adding that thus, the investment in building an industrial base will help the company secure its market foothold. Layered nickel cathodes boast a low cost and a high gravimetric energy density and thus are becoming a "star protagonist" in the new battery systems, according to Advanced Science News website.

Once Easpring has found a partner to implement the project, the completion date will be settled, added the statement.

Editor: Emmi Laine