In order to further improve Narada Power lithium battery industry chain, ensure our raw material supply, and steadily carry out the layout of lithium battery recycling business, Narada Huabo, a subsidiary of Narada Power, plans to invest in the construction of a "lithium-ion battery recycling comprehensive utilization project" with an annual processing capacity of 150,000 tons and over total 3.85 billion yuan investment.

The project is designed to be constructed in two phases. The first phase of the project is planned to start construction in June 2023, and the second phase is planned to start in June 2024. The first phase project mainly includes lithium battery dismantling, repairing, wet lithium extraction, etc. The second phase project mainly includes iron phosphate resource utilization and lithium iron phosphate material manufacturing line.

Narada Huabo currently handles 70,000 tons of waste lithium-ion batteries recyclinng per year, which has reached its targeted capacity and is continuing to increase production. Meantime, we have conducted business negotiations and cooperation with mainstream lithium battery factories and material factories to establish industrial cooperation of recycling waste power batteries, nickel cobalt lithium recycling and ternary material recycling, which provides strong support for the stable development of the new energy industry.

With the promotion of "carbon neutrality" and "carbon peaking" goals, our country is vigorously developing circular economy and promoting recycling, therefore, the new energy material manufacturing and resource recycling industries are blooming.

The investment in the construction aims to further complete our lithium battery industry chain, ensure raw material supply, steadily carry out the layout of lithium battery recycling business, promote the development of energy storage business, and expand production capacity.