On 2019 October 25th, Veken Technology, LG Chem, with Nanchang SASAC signed an agreement in Seoul, Korea, to set up a joint venture to produce and sell lithium-ion batteries.
Under the terms of the agreement, the production facility of the new joint venture will be located in Nanchang Xinjian district. The registered capital of the new joint venture will reach 56 million USD. Construction of the joint venture will kick off this year. When completed in 3 years, it is expected to have a monthly production capacity of 10 million pcs battery cells for the first phase. In the future, the investment will be increased for the next phase.
Veken Technology Co., Ltd. is the A-share listed company that takes new energy lithium battery as the main industry and 3C digital battery and power battery as the core business. Right now, the company owns advanced production bases of battery cell and pack in multiple places such as Veken Battery Ningbo Factory (battery cell manufacturing), Veken Battery Dongguan Package Factory, Dongguan Veken Battery Intelligent Manufacturing Base, Indian Daman Company. It is one of the mainstream 3C digital battery suppliers in China.
LG Chem, the South Korea’s top battery maker, with its patented 'Stack & Folding' structure in battery manufacturing, can make the pouch type cell contributes to longer lifespans because the wide footprint allows for more effective heat dissipation. And the higher density can be realized through LG Chem's ‘Lamination & Stacking’ process, which minimizes dead space and enables higher energy capacity than the typical ‘Winding’ process. With the age of 5G communication, these technology applications have obvious advantages.
Depending on the advanced lithium battery production technology from LG Chem and deeply engaging in the new energy field by Veken, the joint venture will provide the safe, reliable, stable and high-performance lithium battery products，satisfy the demands of the clients and the prospective market.
Veken technology announced taking the new energy lithium battery as the development orientation, enlarging the strength of investments, increasing the R&D input and speeding up technical upgrade. It is also devoted to becoming the most excellent battery product supplier worldwide and the overall solution expert of secondary energy battery.
