Shanghai (ZXZC)- EVE Energy Co., Ltd. (“EVE Energy”), a Chinese battery maker headquartered in Huizhou city, announced earlier this week it planned to sign an agreement with the Management Committee of Yuxi High-Tech District in Yunan province for the investment in a new lithium-ion battery manufacturing project.

Photo credit: EVE Energy

According to the announcement, the project will involve a total investment of 3 billion yuan ($443.728 million), 2.1 billion yuan ($310.61 million) of which will be poured in fixed assets. Under the project, a power & energy storage battery manufacturing base will be built on a land covering around 500mu (about 333,000 square meters) to have a production capacity of 10GWh per year.

Besides, EVE Energy or its designated affiliated party plans to register a subsidiary in Yuxi High-Tech District to oversee the development and construction works of the project, as well as future battery production and sales.

The company said the cooperation would help both parties fully exercise respective resources and advantages, and timely grasp the market opportunity of power and energy storage batteries. Moreover, it would also be conducive to improving EVE Energy's industrial structure and strengthening the company's presence in the lithium-ion battery market.

This is the second battery capacity expansion plan EVE Energy announced within 20 days. On April 28, the company claimed it intended to sign a formal agreement to build a 50GWh battery production base and a research institute in Chengdu, the capital of Southwest China's Sichuan province.