Polaris energy storage network learned that on January 29, Wuxi Jinyang Precision Manufacturing Co., Ltd. disclosed the convertible bond issuance plan, and planned to raise no more than 980 million yuan to invest in the capacity expansion project of lithium battery precision structural parts.

According to the announcement, the funds raised will be mainly used in Xiamen and Xiaogan lithium battery construction of production base for precision structural parts and replenishment of working capital. The company said that the move aims to grasp the opportunities of new energy vehicles and energy storage markets, improve the regional capacity layout, and serve core customers nearby.

Through the construction of this investment project, the company will add products such as precision structural parts of small cylindrical batteries, precision structural parts of square batteries and precision structural parts of large cylindrical batteries. The Xiamen and Xiaogan projects of the company are mainly based on the customer needs of nearby battery manufacturers. Among them, Xiamen projects mainly support customers in Xiamen and South China, while Xiaogan projects mainly support customers in Hubei and central China, xinenan and chuneng new energy companies raise supporting customers for investment projects. It is reported that Jinyang precision is one of the main suppliers of precision structural parts of cylindrical batteries in China, and its customers cover head battery enterprises such as LG new energy, Panasonic, BYD and Ningde era.