On June 21, HUAYOU Cobalt announced, according to Zhejiang HUAYOU Cobalt industry co., LTD., through subsidiary Bamo Technology Hungary Kft (Chinese name: mo science and technology (Hungary) co., LTD., hereinafter referred to as the "Hungary mo") in Hungary construction of high nickel power battery with ternary cathode project (hereinafter referred to as the "the project"), the preliminary calculation, the project plan total investment of 1.278 billion Euros, the first phase of investment construction scale of 25,000 tons / year, a total investment of 252 million Euros.

On June 21, Hungarian local time, the official publicity ceremony of the the Huayou-B&M Hungary High-Nickel Ternary Cathode Material Green Intelligent Manufacturing Project was held in the Hungarian Ministry of Foreign Affairs. This event marked the official initiation of HUAYOU’s investment and construction of new energy lithium battery materials project in Europe.