(Yicai) April 9 -- Chinese battery materials manufacturer Shanghai Putailai New Energy Technology said last night that its European subsidiary, Katop Automation Europe, will support German battery maker Moll Batterien in constructing a sodium-ion battery factory in Germany.

Moll plans to build the sodium-ion battery factory in Germany with a focus on the energy storage sector, the Shanghai-based firm said yesterday, citing the memorandum of understanding penned by the two parties. The tie-up will cover the entire project lifecycle, from product development to mass production.

The plant will be located in Lichtenfels, within Bad Staffelstein-based Moll’s existing infrastructure and will have an annual production capacity of between 500 megawatt hours and 1 gigawatt hour.

To ensure the successful construction and operation of Moll’s plant, PTL will provide a full range of services, including the development of prototype equipment, the development and supply of production machinery, technical personnel training and after-sales support.

PTL struggled last year due to cyclical industry pressures. Its net profit plunged 24 percent in the first nine months last year from the year before to CNY1.2 billion (USD163.5 million) while revenue sank 16 percent to CNY9.8 billion (USD1.3 billion).

PTL holds a 17.5 percent share of the global market in anode materials and a 40.7 percent share of China’s coated separator market.

PTL’s share price [SHA:603659] climbed 2.2 percent today to close at CNY16.20 (USD2.20).

Editor: Kim Taylor