Chinese Battery Maker Announces 11B Yuan Capacity Expansion Plan

EVE Energy Co., one of China’s top lithium-ion battery makers, said it would build two new manufacturing plants with a combined annual capacity of 110 gigawatt-hours at a total cost of 11 billion yuan ($1.6 billion).

The plan includes a 6 billion-yuan joint venture with Fujian Longking Co. in southern China, which will have an annual capacity of 60 gigawatt-hour, according to a company filing on Tuesday. In a separate notice, the maker announced an investment of 5 billion yuan for a 50-gigawatt-hour plant in the country’s east, which will produce both stationary and electric vehicle batteries.