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EVE Will Invest RMB 15.5 Billion to Add 43GWh of Battery Production Capacity via Two Projects

published: 2023-02-14 9:30

On January 18, Chinese battery supplier EVE released several notices concerning its latest capacity expansion projects. All in all, EVE plans to invest RMB 15.5 billion to add 43GWh of production capacity in Jianyang (Sichuan Province) and Qujing (Yunnan Province). These notices were first picked up by other Chinese renewable energy news websites.

According to the information provided by the notices, EVE has signed an investment framework agreement with the government of Jianyang for a production base. The base will be mainly used to manufacture Li-ion batteries and battery packs used in EVs and energy storage systems. However, it could also churn out batteries for consumer electronics. The production capacity of the base is set at 20GWh per year. Furthermore, the site of the base will host office buildings, dormitory, cafeteria, and other related facilities. The investment in this project is estimated at RMB 10 billion. The development period is expected to last two years.

EVE said a local subsidiary will be established to fund, build, and manage the base in Jianyang. The registered capital of this wholly-owned subsidiary will be at least RMB 100 million. Moreover, the investment related to the fixed assets of this project will be at least RMB 6 billion.

The notices also provided an update to the project in Qujing. Specifically, EVE has amended and re-signed an investment agreement that it previously arranged with the government of Qujing and the administrative committee of the Qujing Economic Development Zone. According to the amended agreement, EVE will build a base with a total production capacity of 23GW per year for cylindrical LFP batteries used in EVs. The project now entails an estimated investment of around RMB 5.5 billion, of which around RMB 4.5 billion will be related to fixed assets.

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