SVOLT closes financing round with €1.3 billion
The Chinese battery cell manufacturer SVOLT has announced the conclusion of a B-financing round of 10.28 billion yuan (about 1.33 billion euros). In addition to the development of new technologies, this will primarily be used to finance the establishment and expansion of production capacities.
SVOLT is aiming for a global production capacity of more than 200 GWh by 2025. This involves plants in multiple Chinese cities (Changzhou, Suining, Huzhou, Ma’anshan and Nanjing) as well as in Europe – currently the focus is on the plant in Saarland, which is scheduled to start production in 2023.
Chinese investors were the main participants in the B-financing round. The round was led by BOCGI (Bank of China Group Investment), and other investors include the National Fund for Technology Transfer and Commercialization, Country Garden Venture Capital, Shenzhen Capital Group (SCGC), CCB Investment, IDG Capital, Sany, Xiaomi Corporation, Oceanpine Capital and China Renaissance, according to the statement. Existing shareholders are also said to have “significantly increased” their holdings.
“The financing round concluded at the end of July enables us to accelerate the development and expansion of our production capacities,” says Kai-Uwe Wollenhaupt, President SVOLT Europe & Vice President SVOLT Energy Technology. ”
At our future European production sites, climate protection and sustainability are already in focus during the planning phase. In this way, we are supporting SVOLT’s global goals of climate neutrality and reduction of the CO2 footprint.”
In the announcement about the financing round, SVOLT again refers to “several orders from Chinese and international car manufacturers, including Great Wall Motors, Geely Automobile, Dongfeng Motor, Stellantis, SF Motors, Enovate, Leap Motor and Hozon Auto”. In July, the company had announced the start of series production of the cobalt-free NMx cells, which will be installed for the first time in Great Wall’s Ora Cherry Cat. The deal with Stellantis as a customer of the Saarland plant was also confirmed in July.
At the end of February 2021, SVOLT had already closed an A-financing round of 3.5 billion yuan (around 450 million euros).