EVE Lithium Energy plans to invest 12.6 billion yuan in a new lithium battery project in Jingmen City, Hubei Province, with a total capacity of 68 GWh.
On the evening of March 10, EVE Lithium Energy announced that its subsidiary Hubei EVE Power Co., Ltd. will sign a contract with the Jingmen High-tech Zone Management Committee to invest in the construction of a 20 GWh square lithium iron phosphate battery (lifepo4 battery) production line and 48 GWh of power in the local area. Energy storage battery production line.
In November last year, Yiwei Lithium Energy signed an agreement with the Jingmen Municipal Government to invest 30.521 billion yuan in local phases to build a power storage battery industrial park project with an annual output of 152.61 GWh. The newly disclosed 68 GWh lithium battery new production line belongs to the above-mentioned industrial park project.
Consumer batteries and power batteries are the two major business segments of Yiwei Lithium Energy. The former is mainly used in the fields of consumer electronics and power tools, while the latter is for new energy vehicles.
The previous performance forecast released by EVE Lithium Energy shows that it is expected to make a profit of 2.72 to 3.05 billion yuan in 2021, an increase of 65% to 85% over the same period. The company said that the substantial growth in the battery business was the main reason for the improvement in performance.
According to data from the China Power Battery Industry Innovation Alliance, in 2021, the installed capacity of EVE lithium-ion power batteries will be 2.92 GWh, ranking eighth in China. In the first two months of this year, Yiwei Lithium's installed capacity was 0.62 GWh, ranking sixth.
In addition to the Jingmen project, Yiwei Lithium Energy has also deployed power storage battery capacity in Huizhou City, Guangdong Province and Chengdu City, Sichuan Province, with a planned total capacity of more than 200 GWh.
According to the data released by EVE Lithium Energy, the company has deployed the upstream supply chain of lithium batteries through strategic shareholding, joint venture construction and acquisitions last year, with a total investment of over 10 billion yuan.
EVE Lithium Energy has successively established joint ventures with leading suppliers such as German Nano, Bertra, and Enjie to ensure the stable supply of key raw materials such as positive and negative materials, separators, and copper foils in the future.
While announcing the latest battery expansion plan, Yiwei Lithium also launched a new round of equity repurchase plan, with a repurchase amount of up to 300 million yuan. This repurchase is only a month away from the end of the last round of equity repurchase. In this round of repurchase, Yiwei Lithium Energy spent a total of nearly 200 million yuan.
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