China BAK Battery, one of the world's largest suppliers of lithium-based battery cells, is set to expand its development and manufacture of advanced products in the mainland after securing loan facilities worth 300 million yuan last month.
The Nasdaq-listed company is to build a new facility in Tianjin to complement its production lines in Shenzhen. Chief executive Li Xiangqian said the move would help extend the firm's reach into other market applications.
China BAK's battery cells are the principal component of rechargeable or replaceable batteries, commonly used in products ranging from cellular phones and notebook computers to cordless power tools and gaming devices.
The new battery cells to be made at Tianjin Beichen Hi-Tech Industrial Park will focus on applications in uninterruptible power supply and light electric vehicles, such as electric bicycles.
'Our new line of battery cells, which we expect to manufacture once our new Tianjin facility is completed, is a logical extension of our current product mix,' Mr Li said. 'It expands the market applications we serve and should strengthen our position as the worldwide market leader in lithium-based batteries cells.'
China BAK last month secured a 100 million yuan, four-year credit facility from China Development Bank and a 200 million yuan, five-year loan package from Agricultural Bank of China.