The second round of ground-breaking ceremony for multiple projects was held at Hengshui High-tech Zone on June 24. CAS-Hengshui new energy and advanced material V-Ti industrial park project (“the project”) is among the five projects for which the ceremony was held. After the project goes into operation, it is expected to reduce China’s long-term dependence on imports of vanadium batteries, and at the same time, help to speed up the upgrading of green technology in advanced material and new energy industry, which would generate strong support for the localization of large equipment in China. The project is expected to realize market value of over 100 billion yuan (about 14.53 billion US dollars).

Total investment for the project is estimated at 9.8 billion yuan (about 1.42 billion US dollars), including 1.02 billion yuan (about 148 million US dollars) for phase I project, which covers 93-mu area with construction area of 68,000 square meters. When in operation, the phase I project is expected to generate annual sales revenue of 300 million yuan (about 43.60 million US dollars) and pay annual tax and associate charge of 20 million yuan (about 2.91 million US dollars), with average annual profit of 60 million yuan (about 8.72 million US dollars) and average annual tax of 15 million yuan (about 2.18 million US dollars). Phase II project is expected to generate annual sales revenue of 10 billion yuan (about 1.45 billion US dollars) and pay annual tax and associate charge of 1.2 billion yuan (174 million US dollars), with total annual profit of 3 billion yuan (about 436 million US dollars).

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