XTC New Energy strengthens collaboration with French company

The signing ceremony for a cooperative agreement between XTC New Energy and ORANO SA. [Photo/XTC New Energy]

On May 7, XTC New Energy, a subsidiary of Xiamen Tungsten Co Ltd (XTC), announced that it had signed an agreement with the French company ORANO SA in France to establish a comprehensive strategic partnership in regards to the battery industry.

The agreement aims to advance the construction and operation of a joint factory in France. It also stipulates strengthening cooperation between the two parties as it relates to producing cathode materials for electric vehicle batteries.

The agreement is also set to advance the construction of their other joint venture projects, namely the CAM factory controlled by XTC New Energy (the cathode materials joint venture company) and the P-CAM factory controlled by ORANO SA (the precursor materials joint venture company).

In May 2023, XTC New Energy's European subsidiary and a subsidiary of ORANO SA established a joint venture company in the northern port city of Dunkirk, France, with a total investment of approximately 1.5 billion euros ($1.62 billion). This project is expected to create over 1,000 job opportunities in France.

This project also spans the entire industry chain, encompassing cathode materials, precursor materials, and battery recycling. Once operational, it aims to deepen the cooperation between both parties in the battery industry chain.

According to the agreement, both parties have committed to enhancing France's research and development capabilities in new energy materials through the establishment and collaboration of a R&D center in France. This will involve promoting technology exchanges and talent development.