The joint venture will manufacture and sell products including battery modules and outdoor battery cabinets, as well as build energy storage system projects there.
(Image credit: Eve Energy)
Chinese lithium battery maker Eve Energy will set up a joint venture in Turkey to produce batteries as it continues to expand its international presence.
Eve Energy's subsidiary, Hubei Eve Power Co Ltd, signed a memorandum of understanding with Turkey's Aksa Jeneratör Sanayi A.Ş on January 12, and the two plan to set up a joint venture in Turkey, according to a statement by the Chinese power battery maker on the Shenzhen Stock Exchange yesterday.
The joint venture will manufacture and sell products including battery modules and outdoor battery cabinets, as well as build energy storage system projects there.
Eve Energy's announcement didn't mention its shareholding in the joint venture, saying only that details about the shareholding structure, management, and financing will be said in the final joint venture agreement.
The partnership is beneficial for Eve Energy and Aksa to utilize their respective resources and will help promote Eve Energy's overseas business, the statement said.
This is Eve Energy's latest effort to expand overseas, as it has become one of the top five battery manufacturers in its home market.
On June 8, 2023, Eve Energy said its board of directors agreed that its subsidiary Eve Power Hungary Kft would invest up to RMB 9.97 billion ($1.4 billion) in a project to build large cylindrical batteries for passenger cars in Hungary.
On July 27, the company said it signed a memorandum of understanding with a Thai company to build a joint venture in Thailand to construct a battery production site in the country with a capacity of at least 6 GWh.
On August 7, Eve Energy broke ground on a battery plant in Malaysia, a project with an investment of up to $422.3 million, which will mainly produce cylindrical batteries.
On September 6, Eve Energy announced that it will set up a minority-owned joint venture in the United States to expand the North American commercial vehicle power battery market.
Eve Energy is one of the largest power battery makers, ranking eighth in the world with a 2.4 percent share in the January-November period, according to data released on January 9 by South Korean market researcher SNE Research.
In China, Eve Energy ranked fourth in December with 2.17 GWh of installed capacity and a 4.54 percent share, according to China Automotive Battery Innovation Alliance (CABIA).
Eve Energy to establish US JV to supply batteries to commercial vehicle partners
