SVOLT aims to invest in European 24 GWh battery factory
Post date: 17/07/2019 - 13:10
Chinese battery maker SVOLT Energy Technology Co. Ltd. introduced its new cobalt-free lithium-ion battery cell (NMx) and four-element lithium-ion battery cell (NCMA). In the product launch event, Yang Hongxin, General Manager of SVOLT, said that the NMx battery cell rivals the NCM811 cell in performance, while reducing the cost of materials by 5 to 15 percent and the cell material cost by around 5 percent. According to the company, the NCMA material »not only outperforms NCM811 in cycle life, but also exhibits better resistance to heat, the ability to generate less gas and greater safety, which translates into higher capacity, longer cycle life and better safety performance in the final products.«
SVOLT also announced its plan »to build a base in Europe.« About $2.24 billion (€1.99 billion) will be invested to build a 24 GWh battery factory for cathode materials and a battery technology center. It will also integrate its 6 manufacturing bases around the globe into its factory construction plan.
SVOLT grew from the Battery Business Unit of Great Wall Motors Co. Ltd, and became independent in February, 2018. It is headquartered in Wuxi, Jiangsu, and primarily focused on EVB business. The company plans for 7 R&D centers around the globe, with four currently in operation, in Baoding, Korea, Shanghai and India, and three are under construction in the US, Japan and Wuxi. Domestically, SVOLT’s factory is under construction in Changzhou, Jiangsu, which will be operational by the end of 2019, and will have a capacity of 12 GWh in 2020.