Tsaker New Energy Tech Co., Limited announced in relation to the Project, the construction of a production line for iron phosphate product with the production capacity of 50,000 tons per year in Shandong TNM had been completed. In October 2022, the production line has commenced its trial production and achieved a successful trial run. As of March 2022, the Group had successfully increased the production capacity of the original iron phosphate production line from 20,000 tons per year to 30,000 tons per year.

As at the date of this announcement, the Group has a total production capacity of 80,000 tons per year of iron phosphate products. In order to meet the growing demand for the rapid development of the downstream lithium battery market, the Company considers investing in an additional iron phosphate product production line with the production capacity of 80,000 tons per year at the existing premises of Shandong TNM. The construction of the New Project is targeted to be completed by the end of 2023.

Meanwhile, the Group intends to expand the production capacity of the Original Production Line from 30,000 tons per year to 60,000 tons per year by the end of 2023. It is envisaged that by the end of 2023, the Group will reach an aggregate production capacity of 190,000 tons per year for iron phosphate products.