CNGR Loan

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        Founded in 2014, CNGR Advanced Material Co., Ltd. (“CNGR” or the “Company”) is an established producer of new energy recycling materials and lithium battery cathode materials precursor. In 2020, CNGR’s ternary precursor accounted for 13.8% of global volume and ranked second worldwide. The Company is currently listed on Shenzhen Stock Exchange. The proposed investment is to support the Company’s constructions of recycling facilities for end-of-life batteries and scrapped materials in Tongren, Guizhou Province and integrated facilities in Qinzhou, Guangxi Province, both frontier regions in Southwest China. The manufacturing of ternary precursor is through hydrometallurgical processes to separate and extract nickel (Ni), cobalt (Co), and manganese (Mn). The used EV batteries are disassembled first for recycling. The recycled cathode materials or purchased processed ores are made to slurry for acid leaching. The leached Ni, Co, Mn, and other heavy metals are then extracted from acidic water phase and separated to individual alkali organic phase by different extracting agents, respectively. The separated heavy metals are then extracted back to the water phase by acids for crystallization or precipitation.  The 17-ha Tongren project site is built on a hilly bushy land adjacent to the existing CNGR plants in the established Dalong Industry park, 40 km to the south of Tongren City. The nearest residential houses are approximately 200 meters from the project border. The Tongren site is fully operational with both existing/expanded EV battery recycling and ternary precursor manufacturing. The Qinzhou project site will be built on a reclaimed land with the total size of 4.2 ha inside an established petrochemical industry park of Qinzhou Port, 25 km south of Qinzhou City. The nearest residential houses are approximately 250 meters from the project border. Qinzhou site is still in the early site preparation stage. Both project sites are modified habitats without protected species and/or natural/critical habitats values at or near either project site.