On the morning of December 13, Hefei Gotion High-Tech Power Energy Co., Ltd (Gotion High-Tech) signed a cooperation framework agreement with QingHai Salt Lake Industry Co., Ltd. (Salt Lake Stock). Both parties are striving to strengthen cooperation in the fields of new energy, LFP battery, scientific R&D, lithium magnesium materials and talent training to further enhance their competitiveness in the new energy industry.

Chen Junguo (left), Vice President of Investment and Sales of Salt Lake Stock and Sun Aiming (right), Vice President of Capital Center of Gotion High-Tech signed the contract on behalf of both parties.

Founded in 1958, Salt Lake Stock is a large listed state-owned enterprise from Qinghai Province. Its main business includes the manufacture of chemical raw materials and chemical products. The company is capable of producing 5 million tons of potassic fertilizer, 30,000 tons of lithium carbonate per year and 56,000 tons of magnesium alloy. It owns a number of core technologies in potassic fertilizer and potash manufacturing and is proficient in lithium extraction from salt lake brines. Salt Lake Stock has significant advantages in lithium resource development.

According to the agreement, Gotion High-Tech will strive to establish comprehensive cooperation with Salt Lake Stock in the lithium industry chain. In addition, a joint venture, with a cross-ownership, was established to manufacture cathode battery materials such as lithium iron phosphate and energy storage batteries to implement the in-depth cooperation and form a stable new energy industry chain. Based on the abundant magnesium resources of Salt Lake Stock, we will explore closer cooperation in new materials such as magnesium-aluminum and magnesium-lithium alloys and foster the establishment of a joint product R&D platform in Hefei.

Li Zhen, Secretary of Party Committee and Chairman of Gotion High-Tech said that Gotion High-Tech, as a technology-based enterprise in the new energy industry, has made long-term plans for the development of battery materials, relevant products and applications, while Salt Lake Stock is proficient in the material industry. Therefore, both sides are expected to achieve joint innovation, become more competitive and have a more prosperous future in the materials science and new energy industry.

Yun Hongwei, Secretary of the Party Committee and Chairman of the Salt Lake Stock said that their core operation philosophy is to focus on "resources, capital, technology and the market". They hope to complement each other and realize win-win results by combining Gotion High-Tech's technological and market advantages with their capital and resources in the industries of new energy and new materials.