Topband Co., Ltd. (002139.SZ) announced that, in order to expand the production scale of lithium batteries and meet the rapid growth of the company’s lithium battery business, Topband’s wholly-owned subsidiary Shenzhen Topband Battery Co., Ltd. will cooperate with Nantong Management Committee of the Economic and Technological Development Zone and signed the Investment Agreement and Supplemental Agreement with effective conditions on December 7, 2021.

Topband plans to establish a new company in Nantong City to invest in the construction of lithium battery projects with its own funds or self-raised funds. Meanwhile, Topband will purchase the original Hanwha’s plant which has complete infrastructure for constructing the production lines of prismatic cell, pouch cell, large cylindrical cell and PACK .

This project, with a total investment of 5 billion yuan, will build a manufacturing base for prismatic cell,pouch cell, cylindrical cell and PACK . And the total production capacity of the project will be 6GWh for cells and 4GWh for PACK .