China’s Ganfeng Lithium To Supply Battery Raw Materials to GAC AION

China-based Ganfeng Lithium has announced that it has signed an agreement with China’s new EV-maker GAC AION for the development of battery raw materials and recycling of decommissioned new electric vehicle (NEV) batteries.   The company said that it also work on recycling of decommissioned electric vehicle batteries. The company claims to be one of the world’s top producers of battery-grade lithium.

As per the collaboration terms, Ganfeng Lithium will supply reliable battery raw materials for GAC AION.  The company will also provide raw material to the potential suppliers of GAC AION.

Ganfeng Lithium said that this is aimed at supporting the partner to develop NEV projects and step-up the technology value and competitiveness of AION. Under the agreement, GAC AION in turn, will support Ganfeng Lithium in the development of new types of batteries. This would also include solid-state batteries.

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Further the company added also held that it has decided to participate in GAC AION’s project of strategic investor introduction through capital augmentation. The pact between the two players is also meant to allow both the parties to employ their respective strengths and resources in the scheme of things. The partnership is also an opportunity for them to set up a good example of cooperation between upstream and downstream companies the fall in the new electric vehicle industrial chain.

Along with it, Ganfeng Lithium also stated that the partnership will also help Ganfeng Lithium in bettering its industrial chain layouts, core competitiveness, and profitability among others.

A Robust Future

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The global electric vehicle battery market is poised for a strong growth from here. According to Precedence Research, the global electric vehicle battery market size is expected to worth around $560 billion by 2030 and growing at a CAGR of 32% from 2022 to 2030. The burgeoning sales of the electric vehicles across the globe are expected to significantly drive the growth of the EV battery market during the forecast period.