Bicycle battery maker Tianneng Power broadens focus to include power cells for green cars
Hong Kong-listed battery maker Tianneng Power set to open 1.6 billion yuan facility to build lead-acid battery cells for green vehicles
Tianneng Power International, the mainland’s largest maker of lead-acid batteries for electric bicycles, will expand production of batteries for electric cars in a bid to tap the country’s fast-growing environmentally friendly vehicle market.
The company became the latest major industrial player to unveil its ambitions of tapping the mainland’s “green” car sector amid Beijing’s push to protect the environment.
“We are determined to expand in the presently untapped segment,” Chen Minru, senior vice president of Tianneng, told the Post. “There’s a huge potential in the market and Tianneng has to rev up the expansion pace.”
Hong Kong-listed Tianneng recorded sales of 300 million yuan in batteries for electric cars during the first half of this year. The company, which is based in Changxing, Zhejiang province, has a target of 10 billion yuan in annual sales by the end of 2020.
Zhang Tianren, chairman of Tianneng, announced during the weekend that the company would start trial operations of its new 1.6 billion yuan manufacturing facility of lead-acid batteries for electric cars in January 2017.
