Shanghai (Gasgoo)- SVOLT Energy Technology (SVOLT), a Chinese EV battery manufacturer carved out of Great Wall Motor (GWM), will become a fixed power battery supplier to a European automobile group, which intends to use SVOLT's products in its BEV platform available for the global market, according to a person with direct knowledge.
The procurement volume over the life of the yet-to-be-signed contract is expected to exceed 7GWh, said the aforesaid person.
(Photo source: SVOLT)
SVOLT has not officially confirmed the transaction when the report is prepared.
SVOLT, formerly the battery business unit of GWM, was separated as an independent entity in February 2018. Headquartered in Changzhou, Jiangsu province, SVOLT is committed to spearheading innovation in the manufacturing and R&D of the next-generation battery materials, cells, modules, systems, BMS, energy storage systems and solar technology.
In last November, the company announced the official opening of the first phase of its automotive-grade intelligent battery plant in Jintan, Changzhou, which started to hand over goods to customers in December. It has been confirmed that SVOLT's self-developed battery cells will be installed in three GWM's models, namely, the ORA R1-301, the ORA IQ-450 and the VV7 PHEV-70.
SVOLT stated in last July it planned to build a battery factory in Europe which would involve an investment of over 2 billion euros and feature an annual capacity of 24GWh by 2025. According to the construction roadmap announced at the 2019 Frankfurt Motor Show, the project will be carried out in four phases. With a planned capacity of 6GWh, the first phase will be put into SOP (standard operating procedure) in the first quarter of 2023. The entire construction is expected to be completed by the first half of 2026.
As part of the plan designed to make inroads into European market, SVOLT intends to set up a R&D hub in Europe and cooperate with local companies in R&D and manufacturing businesses, according to the initiative “SVOLT´s Engagement in Europe” the company released at the motor show.
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