Svolt Energy Technology, a battery maker established in 2018, with its first plant located in Changzhou, has worked out a plan of an annual global capacity of 100 GWh by 2025 and eventually become a top three player in China.
Svolt traces its origins back to 2012 as the power business unit of China's largest SUV maker Great Wall Motors. The automaker inked a deal with BMW last year to produce electric MINIs, which has lent the Svolt team an opportunity to work with the premium carmaker.
Svolt was involved in the design of the electric car platform during the past two years and worked with BMW engineers in a lot of aspects, including battery cells, modules and systems. Made of stacked cells, its batteries outperform the jelly roll ones by 5 percent in energy density, by 10 percent in life cycle but are 15 percent cheaper.
Other battery makers including Panasonic and CATL have plans to develop stacking cell batteries as well, but Svolt claims to be the pioneer in this aspect so far.
The company said it is making "good progress" as well on developing a cobalt-free lithium-ion battery - a goal of battery producers aiming to eliminate the pricey and increasingly scarce mineral.
Svolt is ramping up its efforts to seize its share. Its first plant in Changzhou, which is under construction, will have a capacity of 12 GWh by 2020. By the end of 2025, the combined capacity in China is expected to reach 76 GWh, with total investment reaching 26 billion yuan.
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