China’s SVOLT to pour 15 billion yuan in 40GWh NEV battery project in Changzhou

Shanghai (Gasgoo)- On October 9, SVOLT Energy Technology Co., Ltd. (SVOLT), a leading Chinese battery manufacturer carved out of Great Wall Motor (GWM), entered into a cooperation agreement with the government of Jintan District, Changzhou City for a power battery manufacturing project, SVOLT announced via its WeChat account.

SVOLT, Jintan District signing agreement; photo credit: SVOLT

Under the agreement, SVOLT plans to invest about 15 billion yuan ($2.33 billion) in the construction of a new energy vehicle (NEV)-related battery base in Jintan District. The project will cover an area of 1,100 mu (around 733,000 square meters) and will be built in two phases. It is expected to have an annual battery capacity of 40GWh.

Headquartered in Changzhou, Jiangsu province, SVOLT has agreed investment plans worth a total of 23 billion yuan ($3.573 billion) for Jintan District.

As of now, the company has launched capacity construction projects, including those finished and in the works, involving over 200GWh, which is also the volume SVOLT aims to complete in 2025.

Last month, SVOLT struck a deal with Chengdu Municipal Government to build a power battery manufacturing and R&D base in the capital of Sichuan Province. Upon completion of the construction, the facility is expected to feature an battery capacity of 60GWh per year.

Besides, the battery maker broke ground on its power battery production factory in Suining, another city in Sichuan province, at the end of March. The project is set to record an annual capacity of 20GWh.

According to data from market research firm SNE Research, SVOLT ranked 10th in August among global power battery makers with an installed power battery capacity of 0.2 GWh, for the first time entering the top 10 list.