July 18 (Renewables Now) - SVOLT Energy Technology Co, the battery division of Chinese carmaker Great Wall Motor Co (SHA:601633), intends to spend EUR 2 billion (USD 2.2bn) to build a 24-GWh battery production facility in Europe.
The company said last weekend that the investment also includes a factory for cathode materials and a battery technology centre. It did not reveal details about the planned location.
Jiangsu-based SVOLT became an independent subsidiary of Great Wall Motors in February 2018. Its main focus is the production of batteries for the electric vehicle market, while it also does research and development in energy storage and solar power. The company is currently building a 12-GWh battery factory in Changzhou, Jiangsu province, that is planned to become operational in 2020.
Last week SVOLT also celebrated the launch of cobalt-free lithium-ion battery cell (NMx) and four-element lithium-ion battery cell (NCMA).
(EUR 1.0 = USD 1.122)