Shanghai (ZXZC)- On October 25, Chinese power battery supplier SVOLT Energy Technology Co., Ltd. (“SVOLT”) signed an agreement with a group of banks, who agreed to grant SVOLT a credit line worth 7.5 billion yuan, according to the battery maker's press release.

Photo credit: SVOLT

The capital support is expected to help SVOLT advance the volume production of short blade cells at its production base in Chengdu city, Sichuan province.

The banks joining the signing ceremony include China Construction Bank, Bank of China, China Everbright Bank, Postal Savings Bank of China, China Bohai Bank, and China CITIC Bank. They will provide SVOLT with diversified, high-quality, and efficient financial services to meet the full chain financial service needs in project construction and operation in Chengdu city.

Established in 2021, SVOLT's Chengdu base involves a total investment of roughly 22 billion yuan and features a planned annual capacity of about 60GWh. It is SVOLT's first Flying-Stacking short blade battery production base in Southwestern China region ("Flying Stacking" is the 3.0 version of SVOLT's high-speed stacking technology launched in January 2023).

Main products of the Chengdu base include SVOLT's first short-blade 325Ah energy storage cell that uses its "Flying Stacking" technology and the PHEV-dedicated L400 battery cells. These products will be deployed nationwide and have an impact in overseas markets in the future.