The government of Dongsheng district in Ordos holds a ceremony to mark the signing of an investment contract with Hebei Rongjuneng Battery Manufacturing Co. [Photo/weiordos]

An investment project worth 6 billion yuan ($922.68 million) was signed between representatives from the government of Dongsheng district in Ordos and Hebei Rongjuneng Battery Manufacturing Co on Dec 21.

The company has decided to build a branch to manufacture lithium ion batteries at the Ordos Equipment Manufacturing Base, a key industrial zone in Ordos built to attract investment.

Ma Yuqing, the mayor of Dongsheng district, attended the signing ceremony along with other officials.

The project falls into three phases with the first stage of the project expected to draw investment of 2 billion yuan. The first stage of the project will start in June 2018, and is expected take a year to complete.

Sales from the first-phase of the project are estimated to reach nearly 8 billion yuan each year once it has been completed and put into operation. It will be able to generate tax revenues of at least 300 million yuan, and create 3,000 jobs.

Lithium ion batteries feature clean energy, advanced technology and high added value. As the technology of the batteries improves, the industry is expected to enjoy better prospects.

The signing ceremony takes place on Dec 21. [Photo/weiordos]