SVOLT considering construction of another battery cell factory with 50 GWh capacity
SVOLT Energy Technology is weighing and evaluating the construction of another battery cell factory. Finland is among the shortlisted locations which include countries both within and outside of the European Economic Area (EEA). Significant raw material deposits, a competitive green energy infrastructure as well as a sustainable supply chain for the battery industry have been key arguments to include Finland in the short list. A potential factory could have a total capacity of about 50 GWh.
“With an additional battery cell factory, we want to make an important contribution to zero-emission mobility and further the energy transition,” says Kai-Uwe Wollenhaupt, President SVOLT Europe & Senior Vice President SVOLT Energy Technology. “A project of this scale relies on the close cooperation of all decision-makers: SVOLT, local authorities and national government.”
Any investment in the EEA requires substantial financial support in form of public funding in order to make the investment economically viable under the given circumstances and competitive situation compared to countries outside of the EEA.
The potential battery cell factory is a fundamental part of SVOLT’s site strategy, which demands agile adaptation to changing market conditions. As part of this strategy, other locations besides Finland are currently under investigation. Kai-Uwe Wollenhaupt: “Decisions regarding a new site are always driven by multiple factors. Alongside competitive and reliable infrastructure, incentives can also form an important and necessary component of the final location selection process.”
Hongxin Yang, Chairman and CEO of SVOLT Energy Technology: “SVOLT's expansion strategy anticipates the rapid development of electromobility worldwide. This involves moving out of the domestic market into the world. SVOLT is aware of the necessity of this approach in terms of customer orientation and strives to better meet customer needs in this way. We want to build further capacity as quickly as possible so that we can supply our customers outside of China. However, the decision in favor of a new location is always guided by several factors: Planning security and economic feasibility are the most important.”