Shanghai (ZXZC)- SVOLT Energy Technology Co., Ltd. (SVOLT), an EV battery manufacturer carved out of Great Wall Motor, signed an agreement with local authority of Lishui District, Nanjing on June 22 to build a power battery manufacturing base with an annual capacity of 14.6GWh. The company plans to pour 5.6 billion yuan ($864.718 million) in this project.

SVOLT, Lishui District signing agreement; photo credit: SVOLT

Including the yet-to-be-built Lishui base, SVOLT has mapped out nearly 90GWh capacity in the first half of 2021, taking one step further to achieve the goal of 200GWh annual capacity by 2025.

According to SVOLT, the Lishui base will be built in two phases. Involving an investment of 2.6 billion yuan ($401.476 million), the first phase is planned to feature a capacity of 6.6 GWh and output a production value of around 4 billion yuan ($617.656 million). It is expected to start operation in November this year. The second phase is set to have a yearly capacity of 8GWH and generate over 5 billion yuan ($772.07 million) annually.

Moreover, the battery maker intends to transfer the production of HEV-used soft pack batteries to the Lishui factory.

According to Yang Hongxin, chairman and CEO of SVOLT, the company is in an important period for ramping up production and speeding up battery supply to clients in addition to GWM. He said the cooperation with Lishui District will help to further increase SVOLT's capacity, so as to meet rising demand from customers and make contribution to local development of new energy vehicle industry.