EVE Energy to add power battery production capacity in Jinmen, Chengdu cities

Shanghai (Gasgoo)- On June 26th, Chinese power battery maker EVE Energy released the "Reply Report on the Inquiry Letter from RSM China (Special General Partnership) regarding the Application of EVE Energy Co., Ltd. to Issue Convertible Corporate Bonds to Non-specific Objects on the ChiNext" (hereinafter referred to as the "Report").

According to the "Report," the company's current fundraising projects include the 23GWh cylindrical lithium iron phosphate energy storage battery project located in Jingmen City, Hubei Province (referred to as "Project One") and the 21GWh large cylindrical passenger vehicle power battery project located in Chengdu City, Sichuan Province (referred to as "Project Two").

EVE Energy's large cylindrical cell; photo credit: EVE Energy

The Project One plans to add around 23GWh per year of cylindrical lithium iron phosphate battery production capacity, which will be mainly used in passenger vehicles and household energy storage. As of now, EVE Energy has obtained anticipated customer demands for cylindrical lithium iron phosphate batteries in the next five years totaling approximately 88GWh, which is sufficient to cover the company's production capacity.

The Project Two plans to add about 21GWh of 46-series large cylindrical battery annual production capacity, primarily for use in passenger vehicles. As of now, the anticipated customer demand for 46-series power storage batteries EVE Energy has acquired for the next five years totals approximately 392GWh, which is sufficient to cover the company's large cylindrical battery production capacity.

EVE Energy stated that it has been deeply involved in the field of lithium batteries for many years and has accumulated abundant customer resources. Therefore, the current fundraising projects are deemed reasonable in terms of projected revenue and production-sales ratio calculations.