Shanghai (ZXZC)- On June 19, 2024, Chinese battery supplier Huizhou EVE Energy Co., Ltd. ("EVE Energy" or "the company") announced that its subsidiary, Wuhan EVE Energy Storage Co., Ltd. ("EVE Energy Storage"), signed a Memorandum of Understanding ("the MoU") with POWIN, LLC. ("Powin"), an integrated energy storage battery solutions provider registered in the United States. This MoU outlines the primary terms and conditions for a main supply agreement between EVE Energy Storage and Powin for the supply of lithium iron phosphate (LFP) battery packs and higher-density batteries.

Photo credit: EVE Energy

The MoU emphasizes that EVE Energy Storage and Powin will establish the main supply agreement's key terms and conditions for supplying LFP battery packs and higher-density batteries. According to the payment terms listed in the MoU, Powin will make payments to EVE Energy Storage for the battery cells and/or battery packs.

The term of this MoU is three years from the effective date of the main supply agreement.

EVE Energy said the signing of this MoU acknowledges the performance and supply qualifications of the company's energy storage battery products. It aims to establish a long-term stable cooperative relationship between the two parties, leveraging each other's resources and strengths to unlock the greater potential of sustainable energy storage solutions. It also aims to continuously strengthen and enhance the company's influence, overall competitiveness, and international presence in the energy storage market. This is an important step in EVE Energy's global industrial layout and aligns with its strategic development plan and the interests of all shareholders.