Xiamen FTZ company inks major deal in lithium battery sector

XTC New Energy Materials (Xiamen), located in the Xiamen Free Trade Zone, has recently signed the Strategic Cooperation Framework Agreement with GEM, a leading enterprise in China's circular economy. This agreement establishes a long-term partnership focused on the supply of raw materials for lithium batteries, technological development, industrial chains, and more. 

A total of 450,000 metric tons of battery materials will be supplied to XTC over the next three years, laying solid foundation for its capacity expansion. 

Both enterprises will focus on pioneering sectors such as consumer electronics, power batteries, and low-altitude aircraft, strengthening cooperation in the supply of raw materials for nickel cobalt manganese (NCM) and other products.

In addition, a multi-dimensional cooperation system involving "technology, industry, and capital" has been planned in Xiamen, focusing on resource recycling and the development of green nickel resources in key sectors. This integration of resources aims to promote business and technological cooperation, ensuring stable supply and cost advantages. 

Enterprises in Xiamen that continue to expand have consistently achieved increases in both revenue and profit. Statistics indicate that XTC earned 5.48 billion yuan ($770 million) in the third quarter, marking a 50.45 percent year-on-year increase. Total revenues for the first three quarters reached 13.06 billion yuan, up 29.80 percent year-on-year.