EVE Energy plans to invest 11 billion yuan to expand energy storage batteries

Shanghai Securities News, China Securities Network, April 7 (Reporter: Zhang Xue) — Yiwei Lithium Energy disclosed on the evening of April 7 that the company’s 7th session of the Board of Directors, 9th meeting, considered and approved multiple investment proposals. The company plans to build energy storage battery production bases in Qidong, Jiangsu and Shanghang, Fujian, with total planned capacity of 110GWh and a total investment of approximately RMB 11 billion.

According to the announcement, Yiwei Lithium Energy plans to sign an “Investment Cooperation Agreement” with the People’s Government of Qidong City. In the Qidong Economic Development Zone, it will invest in and build a 50GWh energy storage (power) battery production base, with a total project investment of approximately RMB 5 billion and a land area of approximately 332 mu. In addition, Yiwei Lithium Energy plans to sign an investment agreement with the People’s Government of Shanghang County, and in Bai sha New Materials Sci-Tech Valley in Shanghang, Fujian, it will invest in and build a 60GWh energy storage battery production base, with a planned total investment of approximately RMB 6 billion.

Both of the above investments still need to be submitted to the company’s shareholders’ meeting for consideration. In addition, Yiwei Lithium Energy also considered and approved the signing of a “Joint Venture Agreement” with Fujian Longjing Environmental Protection, proposing to jointly invest in establishing a joint venture company to carry out related business. On the same day, the board of directors approved providing letter-of-guarantee collateral of no more than EUR 42 million for its subsidiary, EVEPower Hungary Kft., for a term of no more than ten years.