Jinhua in East China's Zhejiang province has in recent years been ramping up efforts to attract new energy projects, with eight listed among the 2023 provincial major industrial projects, according to authorities.
Among them, three were invested by Sunwoda Electronic Co, a global leader in the lithium-ion battery industry based in Shenzhen.
The three projects, with a combined investment of 58.8 billion yuan ($8.07 billion), are aimed at building facilities for manufacturing new energy batteries precision structural components and lithium-ion battery in the city's Pujiang county and county-level cities of Yiwu and Lanxi.
The three projects will play a key role in building a complete new energy industrial chain in the city, which is currently home to two new energy industrial clusters – new energy vehicles and photovoltaic cells, a local official said.
The official added that new energy industry is crucial to the transformation and upgrading of the city's manufacturing industry, and the city secured 39 manufacturing projects with an investment of more than 1 billion yuan each in the first half of this year, of which 14 are related to new energy.
The local government has released 135 special bonds worth 20.7 billion yuan this year to ensure the projects can be launched as soon as possible.
Authorities are also speeding up the formulation of a plan to advance the high-quality development of its new energy sector and bolster subfields of the industry such as hydrogen energy and stored energy.
