Sunwoda Electronic CoLtd signs cooperation agreement with Yiwu to build a lithium-ion batteryproduction base in the city on Sept 21. [Photo/WeChat account: jhfb]

Sunwoda Electronic Co Ltd will invest more than 20 billion yuan ($3.08 billion) to build a lithium-ion battery production base in Yiwu, a county-level city in Jinhua, East China's Zhejiang province.

According to the cooperation agreement reached by Sunwoda with the Yiwu government on Sept 21, the factory will produce and sell lithium-ion power batteries and energy storage batteries.

Zhu Chonglie, Party chief of Jinhua, and Wang Mingwang, chairman of Sunwoda Electric Vehicle Battery Co Ltd, attended the signing ceremony.

Founded in Shenzhen, Guangdong province in 1997, Sunwoda is a high-tech enterprise that does R&D, design, production and sales of lithium-ion battery cell and module. The company debuted on the Shenzhen Stock Exchange in 2011.

The fast growth of the information photo electricity and automobile manufacturing industries in Yiwu has fueled local industrial growth.

In 2021, the output value of industrial enterprises above designated size in the county-level city topped 100 billion yuan. Four companies saw their annual output value surpass 10 billion yuan.

In the first eight months of this year, the city's added value of industrial enterprises above designated size registered a year-on-year increase of 34.8 percent.