Chinese Battery Material Supplier to Invest $1.5 Billion in Sweden

Putailai New Energy Technology, a leading Chinese battery materials supplier, plans to invest as much as $1.5 billion in a Swedish factory to meet European demand, the company said Thursday.

Shanghai-based Putailai said the new plant will conduct research and production of anodes, a key part of batteries for powering electric vehicles, in the central Sweden port city Sundsvall. Total investment in the new plant will top as much as 15.7 billion Swedish kronor ($1.5 billion), the company said.