On May 20, LOPAL Technology claimed that the current overseas business layout situation? LOPAL Science and Technology said on the interactive platform that the first phase of 30,000 tons of lithium iron phosphate cathode material project built in Indonesia is now in the trial production stage, and it is also the first overseas lithium iron phosphate cathode project above 10,000 tons in scale.
Based on the 30,000-ton project of the first phase in Indonesia, the company will serve the existing customers well and actively explore new customers, and at the same time make good preparations for the construction of the 90,000-ton project of the second phase. The company will always deploy the internationalization strategy as an important strategy of the company, and consolidate the company's market position in the global lithium iron phosphate anode material industry through the expansion of overseas production capacity.
The first phase project of Indonesia Lithium Source officially started in July last year, which is an important milestone for Changzhou Lithium Source to move towards globalization of production and sales, and it also marks the official start of LOPAL Technology's new energy industry layout in the world. At present, domestic lithium head enterprises including CATL, Gotion, EVE, SUNWODA, etc. have invested and cooperated in Southeast Asia or are preparing to do so. The construction of Indonesia's lithium source LFP project will further promote the development of Changzhou's lithium source in the field of lithium battery materials so that the lithium source in the new energy automobile industry chain status is further enhanced.
The investment of 290 million U.S. dollars in Indonesia, the construction of 120,000 tons of lithium iron phosphate project is the most important step in the globalization development strategy of Changzhou lithium source, advance layout of the Southeast Asian market, to establish a globalized R & D, production and service network, to better serve the global battery enterprises and energy storage customers, to help domestic and foreign lithium enterprises in the Southeast Asian market layout.
In the future, Lithium Source will be committed to technological innovation, constantly lead high-quality development with innovative products, and join hands with global partners to bring more possibilities and development opportunities for the lithium battery industry.
At present, Indonesia has become a hot investment country for global battery companies. Ningde Times Indonesia battery plant is expected to go into production in 2024, South Korea's LG Chem and Hyundai Motor's Indonesia battery plant started construction this year, and Germany's Volkswagen and BASF will also invest in Indonesia's electric vehicle industry.
And from the perspective of LOPAL's development history, this enterprise has been paying more attention to the expansion of overseas markets. According to the information, LOPAL Technology is the first domestic automotive urea enterprise to export its products overseas, and also the first private lubricant enterprise to set up a branch (Singapore LOPAL) overseas. This time, LOPAL Technology announced to invest in the construction of a lithium iron phosphate plant in Indonesia, marking that LOPAL has once again started the production and sales layout in overseas market after successfully entering the lithium iron phosphate industry. In the future, we will see more Chinese suppliers of LOPAL in the global new energy automobile industry.