TIANJIN - Finnish battery maker European Batteries Oy will build a production center in north China's city of Tianjin, local officials confirmed on Tuesday.
The center, located in Tianjin's Binhai New Area, will manufacture lithium-ion batteries for hybrid and electric vehicles, according to an agreement signed by the company and the local government on Monday.
The center will be built with an investment of 2 billion yuan ($318 million) and have an annual output value of 4 billion yuan after becoming fully operational.
The first phase of the project will become operational in October, according to the agreement.
The company's board chairman Eero Nuutinen said at a signing ceremony that he is confident about the investment, adding that his company will introduce new technology and products in order to further explore the Chinese market.
European Batteries Oy is a leading manufacturer of high-capacity lithium-ion batteries.
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