A total of 125 million yuan ($20.28 million) will be invested by Jilin Jien Yarong Technology Co. to build a battery materials project, the company said in its statement on Aug. 29.

The company, a subsidiary of Ji En Nickel Industry Co.，Ltd., plans to develop power batteries for electric vehicles, it added. 

This project allegedly includes 2 kt/a capacity for ordinary spherical nickel, 2 kt/a capacity for cobalt-coating spherical nickel, and 1 kt/a capacity for ternary precursor. Now, preparatory work has been basically completed.

It announces that all products in this project will be used in production of NiMH battery and electrode with these materials can be applied in power battery. Relying on this battery material R & D base, it can produce electrode materials for NI-MH battery & lithium battery in concentrated way, and thus complement each other's advantages.

The company also says that this project will help to improve its capacity layout and extend industry chain of nickel products. In the future, it will cooperate with large domestic well-known battery manufacturers to produce EV power battery