CALB currently has seven manufacturing sites and aims to have 1,000 GWh of capacity by 2030.
CALB, one of China's largest suppliers of electric vehicle batteries, plans to invest about RMB 10 billion ($1.57 billion) in a new power battery and energy storage system production base in Meishan city, Sichuan province, to meet soaring demand.
The official WeChat account of the Meishan city government revealed the information in a post on Tuesday, saying the city's Pengshan district government and CALB held a signing ceremony in Chengdu on March 22.
The project, CALB's second in the city after the power battery cathode material project, was sited in the Pengshan Economic Development Zone, according to the article.
CALB's installed power battery volume in China in 2021 was 9.05 GWh, ranking third with a 5.9 percent market share, according to data previously released by the China Automotive Battery Innovation Alliance.
On January 25, CALB signed a contract with the government of Huadu district, Guangzhou, Guangdong province, to build a local base with a planned annual capacity of 50 GWh to produce power batteries and energy storage systems.
On January 26, CALB signed a contract with the government of Jiangmen city, Guangdong province to build another battery production base with a planned annual capacity of 50 GWh in the city.
CALB said at the time that the signing of the two bases was an important milestone in its accelerated global layout and would underpin the company's strategic goals.
The series of moves are part of the company's efforts to expand its production capacity and realize its ambitious plans for the future.
Founded in 2007, CALB is headquartered in Changzhou, Jiangsu province and currently has seven manufacturing sites in Changzhou, Luoyang, Xiamen, Chengdu, Wuhan, Hefei and Heilongjiang. It has a planned capacity of 200 GWh for 2022.
At the end of November last year, CALB said its capacity would exceed 500 GWh by 2025, an upward revision from the 300 GWh announced in June. The company expects to have 1,000 GWh of capacity in 2030.
CALB filed the first version of its initial public offering documents with the Hong Kong Stock Exchange on March 11, planning to support its further expansion through the listing.
The filing did not mention the number of shares the company plans to issue or the amount of money it plans to raise, but media reports earlier this month said CALB's IPO could raise as much as $1.5 billion and is expected to be the largest IPO in Hong Kong so far this year.
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