Representatives of Dinghai district in Zhoushan, East China's Zhejiang province secure a deal with Shaanxi Jutai New Material Technology Co Ltd on Sept 28. [Photo/WeChat account: china-zjftz] 

Dinghai district in Zhoushan, East China's Zhejiang province signed an agreement with Shaanxi Jutai New Material Technology Co Ltd on Sept 28. 

According to the agreement, the company will build a 3.5-billion-yuan ($491.86 million) facility in the district's industrial park. 

The facility is expected to produce 200,000 metric tons of high-quality nickel sulfate a year that will generate an annual revenue of 10 billion yuan.

Founded in 2014, Jutai New Material is a high-tech enterprise engaged in businesses related to the research and development, manufacturing and sales of new materials. 

Liu Guanghan, the president of the company, said he decided to base the project in Dinghai largely due to its optimized business environment. 

Dinghai has in recent years been undergoing an industrial transformation and designated new materials as one of its pillar industries. 

The signing of the agreement will greatly advance the district's industrial transformation, said a local official.

The official added that securing the project is among the outstanding achievements the district has made in attracting investment, and that the local government will provide better services to enterprises in the future.