SVOLT CLOSES B-FINANCING ROUND FOR MORE THAN € 1.3 BILLION
Frankfurt am Main/Changzhou, August 5, 2021 – SVOLT Energy Technology Co., Ltd. (SVOLT), a global high-tech company headquartered in China, has closed a B-financing round of 10.28 billion Yuan (approximately 1.33 billion Euros). The financing was achieved in less than five months and completed with a ceremony on July 30, 2021 in Changzhou, Jiangsu, China. SVOLT had already closed a 3.5 billion Yuan (approximately 450 million Euros) A-financing round at the end of February 2021.
Expansion of global production capacity
The financing round will mainly be used for the research and development of new technologies and the construction of new production facilities in the Chinese cities of Changzhou, Suining, Huzhou, Ma’anshan and Nanjing, as well as in Europe, in order to significantly increase the production capacity. SVOLT forecasts a global production capacity of more than 200 GWh by 2025.
This financing round was led by Bank of China Group Investment (BOCGI). 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. Original shareholders, including SDIC and JZ Capital, significantly increased their holdings.
Numerous orders from international car manufacturers
At the ceremony, SVOLT also announced several orders from Chinese and international automobile manufacturers, including Great Wall Motors, Geely Automobile, Dongfeng Motor, Stellantis, SF Motors, ENOVATE, Leap Motor and Hozon Auto. SVOLT’s battery systems will be used in more than 10 vehicle models, the company announced. These include Great Wall Motors’ ORA Cherry Cat, which will soon enter volume production and will be the first model powered by SVOLT’s cobalt-free NMX battery cells.
SVOLT recently announced its partnership with automotive holding company Stellantis. The major order from Stellantis, with brands including Chrysler, Citroën, Fiat, Opel and Peugeot, worth 16 billion Yuan (approximately 2.08 billion Euros), makes SVOLT part of the automaker’s global EV battery sourcing strategy and supports the electrification of markets in Europe and the US.
Reducing the global carbon footprint
SVOLT is also launching an initiative to reduce its carbon footprint throughout the whole battery lifecycle and meet sustainable industry requirements. In addition, the use of recycled raw materials will be pushed forward. SVOLT has set high goals to limit carbon dioxide emissions and to become climate neutral. This is to be achieved through measures across the entire supply chain, by increasing energy efficiency, purchasing or generating of green electricity, sustainable construction and recycling raw materials.
Kai-Uwe Wollenhaupt, President of SVOLT Europe & Vice President of SVOLT Energy Technology: “The financing round concluded at the end of July enables us to accelerate the development and expansion of our production capacities. 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 at a