Novolyte Technologies (Nantong) launched its opening ceremony in Nantong Economic and Technological Development Area on April 27. The founding of Novolyte Technologies will promote the development of the lithium battery industry in China.

Qu Baoxian, the director of the CPC Party working committee of Nantong Economic and Technological Development Area, and Ren Qiangqiang, the director of the management committee, cut the ribbon at the opening ceremony.

Novolyte Technologies (Nantong) is co-financed by Foosung Co from South Korea and BASF from Germany. Total investment in the first stage reached $42 million, and registered capital reached $23.2 million. The annual output capacity of lithium hexafluorophosphate is about 400 tons.

China has the largest consumption market of lithium hexafluorophosphate currently depending on imports from foreign countries. The lithium hexafluorophosphate project of Novolyte Technologies (Nantong) will end the current situation and promote the development of the lithium battery industry in China.