Shandong Fengyuan Lithium Energy Technology Co., Ltd announced that it will raise CNY 714,000,000 in a round of funding on October 12, 2022. The transaction included participation from returning investor, Shandong Fengyuan Chemical Co., Ltd. to retain its 100% stake in the company. The registered capital of the company will increase to CNY 1,224,000,000 post closing of the transaction.

The transaction has been approved at the 19th session of the 5th directorate and the 13th session of the 5th supervisory board of the investor. This transaction still needs to be approved by the shareholders’ meeting of the investor.