EVE Energy Invests $444 Million in Power Energy Storage Batteries

Chinese battery company EVE Energy plans to sign an agreement with the management committee of Yuxi High-Tech District in Yunnan Province on matters related to the company’s investment in local lithium battery production projects. This project features planned investment of 3 billion yuan ($444 million) for the construction of a 10GWh power energy storage battery facility.

Established in 2001, EVE has grown into a global lithium battery company which possesses core technologies and solutions for consumer, power, IoT and renewable applications.

The firm achieved operating income of 6.734 billion yuan ($996.63 million) in the first quarter of this year, a year-on-year increase of 127.69%. Net profit was 521 million yuan, a year-on-year decrease of 19.43%. Revenue growth is mainly due to the firm’s new production capacity in order to meet customer needs, and the scale of battery shipments has increased greatly. The fall in net profit was due to a decrease in investment income.

At the end of April this year, EVE disclosed an expansion plan amounting to 20 billion yuan. The company intends to invest in the construction of a power energy storage battery production base with an annual output of 50GWh and the Chengdu Research Institute in two phases.

At present, the market scale of EVE falls within the second echelon of the Chinese power energy battery industry. According to the China Automotive Battery Innovation Alliance, in the first quarter of this year, the loading capacity of EVE was 1.09 GWh, with a market share of 2.13%, ranking seventh.

SEE ALSO: China’s Power Battery Output Tops 29.0 GWh in April

In addition to expanding the layout of power and energy storage batteries, EVE’s business in e-cigarettes has not relaxed. The company announced on May 17 that it plans to sign a contract with Smoore International. Both parties will jointly conduct R&D of a new battery for e-cigarettes by using their respective technologies and combining the characteristics of Smoore products, and it will be supplied to Smoore at a preset price.