Svolt plans EV battery plant in Europe
Svolt Energy, Chinese's Great Wall spinoff which became independent in 2018, is planning its first overseas manufacturing base in Europe.
The company also said it is making "good progress" on developing a cobalt-free lithium ion battery - a goal of battery producers aiming to eliminate the pricey and increasingly scarce mineral.
«We plan to have five production bases worldwide, including in the United States, but it will take time. The global plan is to reach a capacity of 100 GWh by 2025» Svolt General Manager Yang Hongxin said.
Svolt plans to build a base in an as yet undecided European country, featuring a research center and factories for battery materials, cells and modules with initial capacity of 20 GWh. Investment will be around 2 billion euros Yang said.
As part of the plan, Svolt aims to seek about 1 billion yuan ($145.3 million) in its next round of fundraising this year. It will raise more funds to support construction which begins in the second half of next year, with production starting in 2022. Production capacity will be around 24 GWh by 2025.
The plant's first customer will likely be Great Wall Motor, and Svolt is in talks to supply "German and French car manufacturers".