Shanghai (ZXZC)- EVE Energy Co., Ltd. (“EVE Energy”) announced on Jan. 31 its subsidiary EVE Power Co., Ltd. (“EVE Power”) planned to sign a contract with the administration committee of Jingmen Hi-tech Industries Development Zone to launch a new power & energy storage battery manufacturing project.

According to the announcement, the aforesaid project will involve a total investment of around 10.8 billion yuan ($1.6 million), 8 billion yuan ($1.185 billion) of which will be invested in fixed assets.

Photo credit: EVE Energy

Under the project, production lines capable of manufacturing 60GWh power & energy storage batteries per year and relevant auxiliary facilities will be built on an industrial-purpose land of around 1,000 mu (666,700 square meters) in the Hi-tech Industries Development Zone of Jingmen city, Hubei province.

EVE Energy said the new investment is conducive to expanding its production capacity of power & energy storage batteries, optimizing its industrial structure, providing customers with more products and solutions, and further promoting its development in the lithium-ion power battery market, as well as its influence and comprehensive competitiveness in the new energy vehicle industry.

China's annual power battery installed capacity in 2022 surged 90.7% year over year to 294.6GWh, according to data by the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA). Among all domestic power battery makers, EVE Energy ranked sixth with an annual installed capacity of 7.18% (+145.9%), accounting for 2.44% of the country’s total volume.