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Chinese battery maker SVOLT plans five Europe plants

Variety

13-04-2023 | 05:50

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Chinese battery maker SVOLT plans five Europe plants

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Chinese battery maker SVOLT Energy Technology Co is set to expand its footprint in Europe to as many as five factories, Bloomberg News reported on Thursday.

SVOLT is looking at locations in eastern, northern and western Europe, with one larger site in the 20-gigawatt range, according to the report.

The company is targeting production capacity of at least 50 gigawatt-hours in Europe by the end of the decade, SVOLT Europe head Kai-Uwe Wollenhaupt said in an interview with Bloomberg.

The company in September last year unveiled plans to build an additional cell assembly in Germany to supply electric vehicles, picking the state of Brandenburg, which is also home to Tesla Inc's (TSLA.O) gigafactory, as a location.

SVOLT also plans to build a plant in Saarland.

Besides, SVOLT is in talks with several European car makers about battery cell supply agreements, the Bloomberg report said.

Asian companies dominate battery-making in Europe. Data shows some 44 percent of planned battery capacity in Europe by 2030 is expected from Asian companies, with Chinese battery giant CATL on top of the list.

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