A groundbreaking ceremony is held on May 5 in the Quzhou intelligent manufacturing park. [Photo/zj.zjol.com.cn]

A groundbreaking ceremony was held on May 5 for two lithium battery projects in the Quzhou intelligent manufacturing park in Quzhou, East China's Zhejiang province, according to local media reports.

The two projects are invested by Quzhou Ruitai New Material Co Ltd and Zhejiang Tianci New Materials Co Ltd.

Quzhou Ruitai New Material Co Ltd specializes in the research and development, production and sale of new chemical materials such as lithium battery electrolytes and additives, while Zhejiang Tianci New Materials Co Ltd is the domestically leading lithium battery electrolyte manufacturer.

After the completion of the two projects, they are expected to generate a total annual revenue of 18 billion yuan ($2.67 billion) and accelerate the development of the city's new materials industrial chain.

The development of the city's lithium battery new material industry can be attributed to the rapid development of new energy vehicles.

With help from its new chemical materials industry, the city has managed to form four material industrial chains for lithium batteries, including positive electrodes, negative electrodes, diaphragms and electrolytes.