Shanghai (ZXZC)- On June 14, 2023, a significant strategic partnership was inked between EVE Energy Co. Ltd.'s subsidiary, Hubei EVE Power Co., Ltd. (referred to as "EVE Power"), and POWIN, LLC. (referred to as "Powin"), according to EVE Energy's public announcement.

The two parties signed a “Conditional Offtake Agreement for the Purchase of Battery Products” (referred to as "the Agreement"), signaling a new chapter in their commercial narrative. This agreement stipulates that EVE Power will produce and deliver 10GWh of prismatic lithium iron phosphate batteries to Powin.

Headquartered in the United States, Powin is a provider of energy storage battery integrated solutions, and notably, shares no affiliations with EVE Energy, according to EVE Energy’s statement.

EVE Energy's prismatic LFP battery; photo credit: EVE Energy

Further, under the agreed terms and conditions, both parties will sign a comprehensive sales contract at an appropriate time. This contract will delineate EVE Power's responsibility to supply, and Powin's commitment to purchase and receive, the products manufactured by EVE Power.

The consensus extends to EVE Power's commitment to produce and deliver 10GWh of prismatic lithium iron phosphate batteries for Powin. However, the terms of this agreement are non-binding. The final binding supply times and corresponding product prices will be confirmed according to the negotiated sales contract between the two parties.

Taking effect from the day of its signing, the agreement underlines the recognition of EVE Power's energy storage battery product performance and supply qualifications, said EVE Energy.

The Chinese power battery maker added the signing of this agreement not only embodies the establishment of a long-term, stable cooperation between both parties, but also opens up a world of potential for maximizing their respective resources and strengths. This partnership aims to unlock greater potential in sustainable energy storage solutions, providing businesses and communities with reliable and clean energy choices.

The company continued to say this move also serves to consolidate and enhance EVE Energy's influence, competitiveness, and international standing in the energy storage market. This strategic initiative aligns seamlessly with the company's global industrial layout and its developmental strategies, benefiting all shareholders.