Jiangmen Kanhoo Industrial signed an agreement with Jinwan District Government and Zhuhai Gree Group on July 11 to build two new energy materials and equipment projects worth 2.4 billion yuan ($358 million) in Jinwan.

Kanhoo will invest 1.62 billion yuan ($240.16 million) in the new energy materials project, which will focus on lithium anode and rare earth functional materials. Upon operation, it is expected to generate annual output value of 6.5 billion yuan ($969.58 million).

Meanwhile, the new energy equipment project will settle in the upcoming Sanzao Intelligent Manufacturing Industrial Park. It will boost investment of 208 million yuan ($31.03 million) and generate estimated annual output value of over 1.8 billion yuan ($268.5 million) once operational.

Signing ceremony [Photo courtesy WeChat account: zhuhaijnwan]

Founded in 1994, Kanhoo is a listed national hi-tech enterprise dedicated to the R&D, production, and sales of lithium battery cathode materials, smart equipment, as well as rare earth functional materials. Its products have been widely applied in the fields of new energy vehicles, portable communication, electronic products, lighting, and catalysts.

Sanzao Intelligent Manufacturing Industrial Park is one of the 13 industry 5.0 space projects planned by Jinwan District this year. Constructed by Gree Group with investment of over 490 million yuan ($73 million), the 65,000-sqm (16-acre) park will become a garden-style high-standard industrial facility with floorage of 130,200 sqm (32 acres).

In addition, Gree Group will invest 600 million yuan ($89 million) in the project's supply chain to help Kanhoo reduce financing costs and address short-term liquidity needs.