A rare-earth battery project with a total investment of 1.5 billion yuan ($219 million) was recently signed between Lipu County and Shenzhen Pengwei New Energy Science and Technology Co Ltd.

The project is settled in Jinjiping Industrial Park in Lipu County and covers an area of 1,000 mu (66.67 hectares). The first phase construction will be completed by the end of this year. After the project is put into production, the annual output value will reach 400 million yuan, and the profits and taxes will be more than 20 million yuan. The power battery production line and the new energy vehicle production line will be built during the second and third phases. 

With a developed private economy, Lipu County has more than 650 private enterprises and 67 industrial enterprises above the designated size. In 2017, the county successfully introduced a number of photovoltaic technology industry projects such as Meiyadi, Royalstar, and precision circuit boards. 

The settlement of the rare-earth battery project will greatly promote the rapid development of the county's new energy industry and boost the photovoltaic technology industry.