Ganfeng Lithium , one of the world’s biggest lithium companies, said on Tuesday it would set up a plant to produce 50,000 tonnes per year of lithium carbonate equivalent (LCE) in its home province of Jiangxi.

The announcement comes as Ganfeng embarks on a plan to lift capacity roughly fivefold to no less than 600,000 tonnes of LCE annually. After a three-year downturn, demand for lithium, used in electric vehicle batteries, is surging again as the world’s transition to a low-carbon economy picks up pace.