Finland-based battery manufacturer European Batteries Oy plans to set up a battery production plant in Tianjin in China with an investment of $318m.
The company expects the first phase of the project to complete by October 2013 and generate annual income of $636m after becoming completely operational.
European Batteries Oy chairman Eero Nuutinen was quoted by the chinadaily.com as saying 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.
The center is expected to manufacture lithium-ion batteries that will be used to power the engines in hybrid and electric vehicles.
The company has inked a deal with the Chinese government regarding the plant, which us expected be opened at Binhai New Area of Tianjin.
