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On August 29th, Funeng Technology announced that the company had signed an investment cooperation agreement with Sanshan in Wuhu, Anhui Province, and planned to establish a project company in the Sanshan Economic Development Zone of Wuhu to invest in the construction of a new energy battery project with an annual production capacity of 24GWh. According to the plan, the project will be divided into two sub projects. The first sub project, 12GWh, is expected to start construction in October 2021, and the second sub project will be launched in a timely manner according to the agreement of both parties and the needs of customers and the market.

Source: Funeng Technology Announcement

Funeng Technology stated that the signing of this agreement reflects the gradual implementation of Funeng Technology's strategic development plan, which is beneficial for the company to expand production and achieve economies of scale, accelerate the transformation of laboratory achievements to industrialization, and also lay a production foundation for the company's future power lithium batteries, energy storage and other related businesses. It is conducive to the company's high-quality products and advanced technology playing an advantage in different segmented markets and consolidating its industry position.

The notice also pointed out that the expected investment funds for this project are relatively large, including but not limited to self owned funds, bank loans, equity financing, etc. There is uncertainty in determining the specific financing method, whether the various review procedures faced during the financing process can be approved, and whether the funds can be fully raised in the end. If the funds cannot be raised as planned, there are risks such as project delay, interruption, and termination.

On the evening of the same day, Funeng Technology also released its semi annual report for 2021, with a revenue of approximately 877 million yuan in the first half of the year, an increase of 207.26% year-on-year; The net profit loss attributable to the shareholders of the listed company is approximately 226 million yuan.

In terms of production, Funeng Technology is currently increasing its horsepower at its bases in Ganzhou and Zhenjiang, and is also actively expanding its presence in the European and American markets. It is expected that Funeng Technology's lithium battery production is expected to exceed 120GWh by 2025.

Specifically, in the first half of this year, Funeng Technology upgraded and renovated the production line of Ganzhou factory in turns, and the yield of Zhenjiang Phase I factory continued to increase. Moreover, the Ganzhou 12GWh production base jointly built by Funeng Technology and Geely Technology also held a groundbreaking ceremony on May 17th.

In terms of the Zhenjiang base, in April, the Daimler EVA project's battery mass production was offline, and the production construction work is progressing according to plan.

In terms of orders, since the second half of last year, Funeng Technology has continuously won orders or sales targets from top domestic and foreign car companies, such as Dongfeng, Jiangling, GAC Mitsubishi, and so on. The Dongfeng Lantu H56 project is expected to have a battery demand of 5GWh in the next 7 years, and the total demand in the future may reach 10GWh; GAC Mitsubishi will start mass production and supply by the end of this year.

In addition, the Zhenjiang base has started mass production and supply to Daimler, and the second phase of the project will also start mass production by the end of the year, with Daimler as the main supplier.

In terms of customers, Funeng Technology has already covered the world. In addition to Daimler, Beijing Benz, GAC Aian, FAW, Geely, Great Wall, Tianji, Dongfeng, Mitsubishi, Liuzhou Wuling, etc., it is also expanding to other customers such as SAIC, Volkswagen, Audi, Renault Nissan, Volvo, Porsche, General Motors, Nissan, Honda, etc., with high order visibility in the next five years.

In terms of raw material reserves, on the evening of July 26th, Rongbai Technology announced that the company and Funeng Technology had signed a framework agreement for the procurement of positive electrode materials. According to the framework agreement, Funeng Technology will purchase 5505 tons and 30953 tons of high nickel ternary cathode materials from Rongbai Technology in the second half of 2021 and the entire year of 2022, respectively.

In the next year and a half, Funeng Technology will purchase 36458 tons of high nickel ternary cathode materials from Rongbai Technology.

On July 9th, Funeng Technology signed a procurement framework agreement with Shanghai Shanshan. Both parties agree that the company will purchase 3910 tons and 21530 tons of graphite from Shanghai Shanshan in 2021 and 2022, respectively.

That is to say, in July, Funeng Technology finalized the supply of positive and negative electrode materials for the next two years.

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