China: Chongqing's focused investment attraction endeavors have triumphantly resulted in the acquisition of Jiangxi Huanli New Energy Technology Co., Ltd's Lithium project in Duze, worth a whopping 10.6 billion yuan (equivalent to approximately 1.55 billion U.S. dollars). This venture is anticipated to give a significant push to the coveted new energy industry in the locality, subsequently paving the way for economic development.

Chongqing is committed to attracting and nurturing new energy-related companies to further strengthen the industry. By 2030, setting up a top-notch, intelligent, and interconnected new energy vehicle (NEV) industry cluster is a crucial approach to attain this goal. This cluster will enable the integration of the upstream and downstream industries, from raw materials to manufacturing and sales, ushering in a new era of growth for the region.

The city is taking steps towards achieving its goal by optimizing its industrial structure and promoting the competitiveness of the new energy industry. The local government has emphasized on the significance of Lithium storage in this endeavour. By doing so, it intends to encourage companies like Jiangxi Huanli to take part in expanding the industrial upstream and downstream chains. The Lithium battery supply chain is crucial for the electric vehicle industry in the new energy era, due to Lithium's characteristic of being the lightest and least dense metal in nature. It is commonly referred to as the "oil" of the new energy era.

As the use of Lithium in electric vehicle batteries continues to rise, the demand for this valuable resource is predicted to skyrocket to 15 million tons by the year 2060, leading to a considerable shortfall in supply. One city looking to capitalize on this trend by drawing in new energy firms, such as Jiangxi Huanli New Energy Technology Co., Ltd., is Chongqing – striving to establish itself as a dominant force within the global new energy market.

The Jiangxi Huanli New Energy Technology recently unveiled a fully functional recycling center for automotive power Lithium batteries. The main objective of this venture is to recycle 100,000 units of new energy end-of-life vehicles annually and tackle up to 150,000 tons of used-up batteries. In addition, the facility strives to recycle 30,000 tons of Lithium Hydroxide and Lithium Carbonate, suitable for battery use, per year during the recycling operation.

Upon completion and implementation in 2025, the project aims to bridge the gaps in the automotive power battery recycling chain within Chongqing and the western region, thereby facilitating the creation of a closed loop industry chain for the new energy automotive industry in Chongqing.

Chongqing's prosperous completion of the project is anticipated to draw in more new energy businesses and propel the industry forward. This will satisfy the surging demand for Lithium, stimulate the economy, and foster a long-term approach to development.