Svolt Energy is planning to invest $30 million to build a battery module pack plant in Thailand, according to local media.
(Image credit: Svolt Energy)
Svolt Energy, a battery maker that spun off from Great Wall Motor, is said to be planning to build a battery factory in Thailand as manufacturers in China's new energy vehicle industry chain target Southeast Asian markets.
Svolt Energy is planning to invest $30 million to build a battery module pack plant in Thailand, local media Cailian reported today, citing sources familiar with the matter.
Svolt Energy has incorporated a wholly owned subsidiary, Svolt Energy Technology (Thailand) Co Ltd, in Thailand and is currently planning the construction of the new plant, the report said, without providing further details.
Svolt Energy was originally the power battery division of Great Wall Motor, which began research and development of batteries in 2012.
It became independent from Great Wall Motor in February 2018 to work on next-generation battery materials, cells, modules, PACKs, BMS, and energy storage technologies.
The battery maker currently has 11 production sites in China and one overseas production site in Heusweiler, Saarland, Germany, according to its website.
On September 9, 2022, Svolt Energy said it will build a cell factory for the European market in Lauchhammer, Brandenburg, Germany, which will be its second factory overseas.
Svolt Energy plans to produce the cells at its Lauchhammer facility and process them into packs at its Heusweiler facility, the company said at the time.
In 2019, Svolt Energy said it was aiming to build 120 GWh of power battery capacity globally by 2025.
It made several subsequent increases to that target and raised it to 600 GWh in December 2021.
In April, Svolt Energy installed 0.42 GWh of power batteries in China, ranking 8th with a 1.66 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).
CATL and BYD had 10.26 GWh and 7.32 GWh of batteries installed in April, ranking first and second with 40.83 percent and 29.11 percent shares respectively.
Svolt Energy's Dragon Armor Battery makes real-life debut at Shanghai auto show
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Svolt Energy expects to complete the development of sodium-ion batteries with an energy density of 160 Wh/kg and cycle life of more than 2,000 by the fourth quarter of 2023.
The battery is expected to be available in production models in 2023, including an SUV and a coupe that will be in production in October next year.
Svolt Energy plans to raise RMB 15 billion, seeking a valuation of RMB 60 billion.