PT. Huaneng New Material is part of Zhejiang Huayou Cobalt Co., Ltd.（SH603799) was founded in 2002 and headquartered in Tongxiang, Zhejiang, is one of China's top 500 enterprises as well as China's top 500 private enterprises, and is a high-tech enterprise engaged in the research, development and manufacture of new energy lithium-ion battery materials and new cobalt materials. The company has established five business sectors of new energy industry, new material industry, Indonesia nickel industry, Africa resource industry and recycling industry, and its business covers a whole industry chain of new energy lithium-ion battery materials, including the development of cobalt, nickel and lithium resources, and resource recycling. Huaneng New Material Indonesia is located in IWIP (Indonesia WedaBay Industrial Park), North Maluku Regency, Maluku Province, Indonesia, marking the start of the construction journey of Huayou's non-FEOC capacity project in Indonesia.