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Battero Tech Captures Order for 3GWh of Battery Cells

published: 2023-02-17 9:30

Battero Tech and Sinotek New Energy held a conference on February 3 to discuss joint opportunities across the Li-Ion battery industry chain. Topics that they covered include fundraising activities, material procurements, battery cell supply, energy storage solutions, and integrated manufacturing. At the conclusion of the event, both parties signed a strategic cooperation agreement and a framework agreement for the procurement of 3GWh of battery cells in 2023.

Battero Tech was established in December 2020 and is headquartered in the Jiashan County Economic Technological Development Zone. It is a holding subsidiary of REPT Battero, which is under the control of China’s leading nickel supplier Tsingshan Holding Group. Battero Tech focuses on the development, manufacturing, and sales of Li-ion batteries purposed for NEVs and energy storage systems. Jiashan County is a located in China’s Zhejiang Province and administered by the prefecture-level city of Jiaxing.

Battero Tech’s primary technology path is LFP battery, and its offerings include cells, modules, and packs. Regarding cells, Battero Tech mainly supplies aluminum-cased prismatic LFP cells with a wide range of nominal capacity specifications (e.g., 50Ah, 70Ah, 100Ah, 115Ah, 230Ah, 280Ah, 302Ah, and 322Ah).

In terms of capacity expansion, Battero Tech signed the agreement to develop the second phase of its battery base in Jiashan County on January 28 this year. Encompassing additional production capacity and a R&D center, the second phase entails a total investment of RMB 2.56 billion. Battero Tech will spend RMB 640 million in building the R&D center that will facilitate the formation of the company’s internal battery industry chain. As for the setup of the additional capacity, the second phase will build on the foundation of the first phase and add another 16GWh per year of production capacity for Li-ion cells and modules. The investment in the new production capacity is set at RMB 1.92 billion.

Battero Tech and the government of Jiashan County inked the deal for the development of the battery base in November 2020. For the first phase, Battero Tech agreed to invest RMB 5.5 billion to build up 16GWh per year of production capacity for cells and modules. Going forward, with the second phase, the base will be able to ramp to 32GWh per year.

Besides the base in Jiashan County, REPT Battero is also planning to set up manufacturing projects in other regions of China, including Wenzhou (Zhejiang Province), Foshan (Guangdong Province), and Liuzhou (Guangxi Province).

Established in October 2017, REPT Battero supplies Li-ion power batteries used in commercial, passenger, and specialty vehicles. Its technology paths include LFP and ternary batteries. The company first achieved mass production and shipments of its products in April 2019.

On December 14, 2022, the HKEX disclosed that REPT Battero had submitted its prospectus and application for listing on the main board of the exchange. Morgan Stanley and CITIC Securities are serving as its sponsor for the IPO. According to the prospectus, the net proceeds from the IPO will be mainly used to fund capacity expansion, support R&D of core technologies, pay back bank loans, supplement working capital, and meet general expenses. The core technologies refer to advanced Li-ion batteries, advanced materials, and advanced manufacturing processes.

This article is a translation of a Chinese article posted by TrendForce. It contains information that is either sourced from other news outlets or accessible in the public domain. Some Chinese names are transcribed into English using Hanyu Pinyin.

Image Source: Battero Tech

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