Power battery maker Eve Energy to spend 11.7 bn yuan for capacity expansion, stakes in material producers
Power battery maker Eve Energy to spend 11.7 bn yuan for capacity expansion, stakes in material producers

Power battery maker Eve Energy to spend 11.7 bn yuan for capacity expansion, stakes in material producers

 

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Chinese power battery maker Eve Energy plans to spend 11.7 billion yuan ($1.6 billion) expanding energy storage and battery capacity and buy stakes in two producers of battery raw materials.

Of that, 10 billion yuan will be used to build a two-phased project in the northern Chinese city of Shenyang and the first phase, with an annual output of 20 GWh of energy storage and a power battery smart production plant, will cost 5 billion yuan, the company said.

In April, the firm had announced the plan to invest 20 billion yuan for a 50 GWh power energy storage battery production base and research center in Chengdu, capital of Sichuan province. In May, it announced the plan to spend 2 billion yuan building another energy storage battery project with annual capacity of 10 GWh in Yuxi, Yunnan province.

Eve Energy will also acquire 20% stake in Shandong Ruifu Lithium Industry for 800 million yuan and a 40% stake in BRT New Material Group’s unit BTR Sichuan New Material Technology, two upstream companies in lithium carbonate and anode materials.

Ruifu Lithium can produce 25,000 tons of lithium carbonate and 10,000 tons of lithium hydrate a year, and has a 30,000 ton lithium carbonate project under construction.

Eve Energy and BTR New Material aim to build an integrated lithium-ion battery anode material base with an output of 10,000 tonnes of lithium-ion battery anode materials per year in Yibin, Sichuan, to be completed by the first half of 2024, with BTR Sichuan New Material responsible for construction.