EVE Energy to pour 20 billion yuan in building battery manufacturing base, R&D hub in Chengdu

Shanghai (Gasgoo)- EVE Energy Co., Ltd. (“EVE Energy”), a Chinese battery maker headquartered in Huizhou, intends to sign a formal agreement with the Management Committee of Chengdu Economic Technological Development Area for the construction of a power & energy storage battery manufacturing base and a research institute in Chengdu, the company announced on April 28.

Photo credit: EVE Energy

Under the project, EVE Energy plans to build a power & energy storage battery manufacturing base with an annual production capacity of 50GWh in total.

The project will be carried out in two phases by EVE Energy itself or its designated subsidiary. The first phase will involve the building of 20GWh annual battery production capacity and the first part of the research institute. The other 30GWh capacity and the remaining part of the research hub are included in the second phase.

EVE Energy said it plans to pour a total of 20 billion yuan ($3.049 billion) in the project.

The announcement came five months after the two parties inked a framework agreement for the strategic cooperation on the production and R&D of lithium-ion batteries. At that moment, the duo reached an preliminary agreement for the 50GWh battery manufacturing project.

Last year, EVE Energy saw its annual revenue surge 107.06% year on year to around 16.9 billion yuan ($2.576 billion), according to the annual earnings results the company released earlier this week.

The financial results show that EVE Energy's power battery business recorded annual revenue of 10.007 billion yuan ($1.526 billion) in 2021, which represented a 146.25% year-on-year hike. The company said the robust growth was mainly thanks to the rising battery shipments, which resulted from the continuous ramp-up of the newly-constructed production capacity for the passenger vehicle-used pouch ternary cells.