Shanghai (ZXZC)- Chinese battery maker EVE Energy Co., Ltd. ("EVE Energy") on Oct. 20 launched its new-generation energy storage battery LF560K, which is expected for global delivery in the second quarter of 2024.

EVE Energy said the newly-launched battery adopts the CTT (Cell to TWh) technology, an innovative cell technology targeting the TWh-level energy storage scale, which enables a simpler system integration and reduction in both cell and battery system costs.

Single battery; photo credit: EVE Energy

The single LF560K battery has a storage capacity of 1.792kWh and a rated capacity of 560Ah. It features a designed service life of over 12,000 cycles.

Battery system; photo credit: EVE Energy

Compared to the former-generation LF280K, the LF560K battery can help reduce the volume of cells by 50%, trim down the component number of battery pack by 47%, and improve the production efficiency by 30%, said the company. Besides, by virtue of the cluster-level size optimization, the battery container's capacity can be increased by 6.5%, so as to lower clients' usage costs.

EVE Energy added it plans to increase its production capacity of electricity energy storage batteries to 100GWh per year by 2025.

For the first three quarters of 2022 (Q1-Q3), EVE Energy Co., Ltd. expects its net profit attributable to shareholders to reach 2,437,385,400-2,658,965,900 yuan (US$336.238 million-366.805 million), growing 10%-20% compared to the same span of 2021, the company announced earlier this month.

EVE Energy said the upward movement in its Q1-Q3 net profit mainly resulted from the satisfactory profitability recovery of various product series, which came after the company adjusted its pricing mechanism in a timely manner amid a drastic hike in main upstream raw materials.