BYD’s FinDreams Battery, Huaihai Holding ink agreement for sodium-ion battery project

Shanghai (Gasgoo)- On November 18, Huaihai Holding Group ("Huaihai Holding") inked a deal with FinDreams Battery, a battery-dediacted subsidiary of BYD, for a groundbreaking sodium-ion battery project, according to a post on Huaihai Holding's WeChat account.

Photo credit: Huaihai Holding Group

This initiative, with a planned total investment of 100 billion yuan and an annual production capacity of 30 GWh, aims to be built into the world's largest sodium-ion system supplier for micro-electric vehicles.

This signing marks the second collaboration between BYD and local businesses in Xuzhou city, Jiangsu province. In November 2022, FinDreams Battery and Xuzhou Construction Machinery Group Co., Ltd. (XCMG) jointly invested 10 billion yuan in constructing a power battery production base. The newly formed partnership signifies the integration of superior resources along the sodium-ion battery industry chain in Xuzhou city, leveraging strengths in technology, funds, talent, market access, channels, and the industrial chain to advance the maturity and application of the local sodium-ion battery industry.

FinDreams Battery's CEO, He Long emphasized that sodium-ion battery technology is maturing rapidly with broad market prospects. The collaboration aims to consolidate high-quality resources, accelerating the implementation of the sodium-ion battery project in Xuzhou.

The strategic advantages of Xuzhou city, including diverse application scenarios and a vast market hinterland, are poised to provide robust support for the development of the sodium-ion battery project. Looking ahead, BYD and the city are expected to explore deeper cooperation in areas such as electromechanical control for construction machinery and energy storage batteries, capitalizing on their collective strengths.

In parallel, information from "Xuzhou Release", a WeChat account of Xuzhou's government, indicates that the aforesaid power battery production base project has achieved significant milestones. With the entire 310,000 square meters of factory buildings and dormitories now capped, electromechanical installation and construction have commenced in full swing. It is anticipated that production equipment will be installed and commissioned in mid-to-late December, with trial production scheduled for early March next year.