China’s Ministry of Industry and Information Technology has put forward a plan to intensify domestic exploration of certain mineral resources in order to provide support to the energy storage manufacturing industry.
Under a draft plan released on Wednesday, China is set to ramp up its endeavors to back domestic exploration of lithium, cobalt, and nickel resources. This move is aimed at strengthening national resource security.
The plan has the objective of increasing the scale of the new energy storage manufacturing industry to align with the demand by 2027. It also calls for the establishment of three to five new energy storage manufacturing firms with a value of 100 billion yuan ($13.96 billion) each by that time.
China’s Industry Ministry Aims to Boost Exploration of Lithium, Cobalt, Nickel for Energy Storage Industry Support