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On August 29, Farasis Energy signed an investment cooperation agreement with the Management Committee of Sanshan Economic Development Zone in Wuhu, Anhui Province. Farasis Energy will establish a project company and invest in the construction of Lithium-Ion cell manufacturing facility with an annual production capacity of 24GWh. The signing ceremony was attended by Qingxian Wang, Deputy secretary of CPC Anhui Provincial Committee , Zhaohui Pan, Secretary-general of Anhui Provincial Government, Dewang Mo, Deputy secretary of CPC and General manager of China Reform Holdings Co., LTD., Xiangqian Shan, Secretary of CPC Wuhu Municipal Committee and Bo Ning, Deputy secretary of CPC Wuhu Municipal Committee.
The project will be divided into two sub-projects, scheduled to start in October 2021. Farasis Energy will follow local municipal design guidelines to construct a new zero-carbon emission city program. This will help Wuhu government achieve national goals of carbon neutrality.
The Wuhu government will coordinate and promote cooperation for the project company by virtue of the company’s own or other designated platforms, to construct the new smart city. The company will have priority to participate in green energy projects including the city's industrial and agricultural layout, the construction of the energy management systems including wind, solar, storage and charging, the planning of new energy in parks and commercial complexes, the new energy construction of idle land, river areas, lakes, and energy-saving rural areas.
The signing of this agreement is another realization of Farasis Energy’s strategic development plan, and is beneficial to the expansion of production capacity as well as realizing economic benefits. By accelerating the process from laboratory results to mass production, the company will be able to lay a solid foundation for future growth.