Chinese Giant Guangzhou Tinci to Invest in Lithium Batteries in Morocco

Guangzhou Tinci Materials Technology, a major Chinese provider of electrolytes for lithium batteries, intends to establish a project company that will make and distribute lithium-ion battery materials in Morocco, totaling 280Mln dollars, said “Yicai Global”.
The Chinese giant is investing in Morocco and the USA at the same time.
The company stated that Morocco possesses abundant phosphorite ore resources and setting up a plant in the north African country will allow the Chinese corporation to better serve and explore the European market.
As for the American plant, Tinci launched the feasibility study and environmental impact assessment for a new lithium battery electrolyte factory in Texas with an annual production capacity of 200,000 tons.
According to its annual report, Tinci’s income more than doubled to CNY22.3 billion (USD3.1 billion) last year due to robust demand. The revenue from its lithium battery materials accounted for 93% of overall revenue. Net profit increased by roughly 160 percent to around CNY5.7 billion (USD789.7 million).