Shanghai (Gasgoo)- Huizhou EVE Energy Co., Ltd. (“EVE Energy”), a Chinese power battery maker based in Huizhou city, announced on June 7 that its board of directors has approved a proposal to issue A shares to specific objects, aiming to raise 9 billion yuan ($1.349 billion).

After deducting the issuance expenditure, the proceeds will be used to build two passenger vehicle (“PV”) lithium ion battery projects and supplement working capital.

Photo credit: EVE Energy

The first project is to build automated production lines for the 46 Series power and energy storage lithium ion batteries in Jingmen city, Hubei province, eyeing an annual production capacity of 20GWh. Involving a planned investment of around 4.375 billion yuan ($655.571 million), the project is scheduled to be completed within 3 years.

With 4.127 billion yuan ($618.446 million) to be invested, the other project is also located in Jingmen city, planning to build automated manufacturing lines with an annual capacity of 16GWh prismatic LFP batteries.

Both two battery projects will be conducted by EVE Power, a subsidiary of EVE Energy.

On the same day, EVE Energy claimed that it intends to sign an investment agreement to build a 10GWh power and energy storage battery manufacturing base in Qujing city, Yunnan province. The company plans to pour around 3 billion yuan ($449.58 million) in this project, 2.3 billion yuan ($344.678 million) of which will be invested in fixed assets.

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