Svolt Energy, the power battery company that spun off from Great Wall Motor (GWM), established a wholly-owned subsidiary in Shanghai on August 18, according to data provider Qichacha.
The company's business scope covers electronic specialty materials research and development, automotive parts development, integrated circuit chip design and services, as well as industrial design services, Internet data services, artificial intelligence application software development, and new energy vehicle battery accessory sales.
Recently, Svolt Energy's 15GWh power battery project started construction in Huzhou, Zhejiang Province, with a new building area of 480,000 square meters and a total investment of RMB 5.59 billion ($861 million).
On July 30, Svolt Energy completed an RMB 10.28 billion Series B financing round led by GOCGI.
The funds raised were mainly used for new technology development and new plant construction, and the company is expected to have a capacity of over 200 GWh by 2025.
Svolt Energy, which became independent from Great Wall Motor's power battery business unit in February 2018, is dedicated to next-generation battery materials, cells, modules, PACK, BMS, and energy storage technologies.
The company said its R&D investment was RMB 3 billion by 2020 and its global factory construction plan is over RMB 26 billion by 2025.
Last month, the company announced the mass production of its first cobalt-free battery, the world's first such product to come out of the lab and into mass production.
The cobalt-free battery has an energy density of 240wh/kg and a capacity of 115Ah-MEB, offering high safety, high energy density, high cycle life and low cost, Svolt said.
(Photo source: Svolt Energy)