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expansions","svolt-files-2-1-billion-ipo-as-it-looks-to-fund-battery-capacity-expansions","article/svolt-files-2-1-billion-ipo-as-it-looks-to-fund-battery-capacity-expansions",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":713,"featured":51,"reporter":714,"_editable":718,"component":719,"seo_title":543,"categories":720,"visibility":724,"author_company":49,"featured_image":725,"seo_description":713,"author_full_name":49,"author_job_title":49,"formattedDate":729,"formattedArticleDate":730},"d5959a7e-da55-4bcc-82ce-6a34b9922cc6","2022-11-24 00:00",[550,553],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"svolt","SVOLT",[557],{"slug":558,"name":559,"content":560},"matthew-bird","Matthew Bird",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Senior Editor - Supply Chains & Data Visualisation",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":567,"content":568},"doc",[569,576,581,586,591,596,601,606,611,616,623,628,633,638,643,648,657,662,667,682,695,708],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Chinese battery company SVOLT filed for a $2.1 billion initial public offering on the Shanghai Stock Exchange this week, becoming the last of China’s six largest battery manufacturers to list.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"The company said it intends to sell 25% of its shares and raise 15 billion RMB ($2.1 billion) for the expansion of new plants in China. ",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"The proceeds will be used to build new plants in Changzhou, Huzhou and Suining, construct a research and development centre in Wuxi, and continue to explore the manufacture of cobalt-free cathode materials and batteries, according to its prospectus. ",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":575},"At a targeted market capitalisation of 60 billion RMB ($8.4 billion) SVOLT would be a similar size to rival Gotion High tech, which is listed on the Shenzhen stock exchange.",{"type":570,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":575},"“SVOLT ranks in the top ten cell producers in China and in the world but it’s the only company on the list that hasn’t listed,” said Benchmark analyst Albert Li.",{"type":570,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":575},"“The growing EV market and demand means cell producers need to quickly make multiple capacity expansions which need a lot of financial support.”",{"type":570,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":575},"A spin-off of Chinese automaker Great Wall Motors established in 2018, SVOLT’s lithium ion battery production capacity will be over 300 GWh by 2030, according to Benchmark analysis. ",{"type":570,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":575},"The company’s largest and controlling shareholder is Wei Jianjun, the chairman of Great Wall Motors, who owns 40% of the company. The company previously raised 14 billion RMB last year in private investment rounds. ",{"type":570,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":575},"Last year the company made a loss of 1.15 billion RMB ($161 million) on revenue of 4.5 billion RMB. ",{"type":617,"attrs":618,"content":620},"heading",{"level":619,"textAlign":49},4,[621],{"text":622,"type":575},"A growing share of the Chinese market",{"type":570,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":575},"SVOLT currently accounts for 3.8% of the production of major Chinese producers that have gone public or have announced IPOs, according to Benchmark analysis. That will rise to 10.7% in 2025 and 12.1% in 2030, according to Benchmark’s Battery Database.",{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"Its current customers include its parent company Great Wall Motors, Geely, Leapmotor, Dongfeng, as well as Hozon Auto, Li Auto and  Xpeng. Outside China it has a partnership with Stellantis. ",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"Its largest planned factories are in Chengdu, where it will have 60GWh of production capacity by 2030, and Changzhou, where it is targeting 40 GWh by then – in addition to the one it already has in the city which has a current capacity of 12 GWh which is expected to rise 30 GWh by the end of the decade.",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":575},"SVOLT is not qualified to supply multinational EV manufacturers. It can only supply to domestic Chinese EV makers or energy storage applications. As a result, it is categorised as tier 2 producer, according to Benchmark’s Lithium ion Battery Gigafactory Assessment. ",{"type":570,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":575},"However, the gigafactories it is building outside of China demonstrate its aspirations to become a tier 1 producer and challenge Ningde-based CATL’s dominant share of the battery market.",{"type":570,"attrs":649,"content":650},{"textAlign":49},[651],{"type":652,"attrs":653},"image",{"id":49,"alt":654,"src":655,"title":49,"source":49,"copyright":49,"meta_data":656},"","https://a.storyblok.com/f/287943243085208/f45e3bab91/bm-chinas-battery-producers-go-public.png",{},{"type":617,"attrs":658,"content":659},{"level":619,"textAlign":49},[660],{"text":661,"type":575},"European aspirations",{"type":570,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":575},"It plans to open two gigafactories in Germany this decade. A plant in a former wind turbine blade factory in Lauchhammer will have a 16 GWh capacity by 2025, while a second in Überherrn will have a 24 GWh capacity by 2030. Together, they are forecast to account for 12% of SVOLT’s production capacity by the end of the decade.",{"type":570,"attrs":668,"content":669},{"textAlign":49},[670,672,680],{"text":671,"type":575},"It is also investing $770 million in a plant in the Indian state of Karnataka with ",{"text":673,"type":575,"marks":674},"Exide Industries",[675],{"type":676,"attrs":677},"link",{"href":678,"uuid":49,"anchor":49,"target":49,"linktype":679},"https://source.benchmarkminerals.com/article/indias-exide-moves-ahead-with-svolt-backed-gigafactory-plan","url",{"text":681,"type":575}," that will have an initial production capacity of 6GWh, increasing to 12GWh this decade. It has  a “multi-year technical collaboration agreement” with the Indian battery manufacturer.",{"type":570,"attrs":683,"content":684},{"textAlign":49},[685,687,693],{"text":686,"type":575},"In April this year, Lisset Urrutia, SVOLT’s Head of Research and Development in Europe told the ",{"text":688,"type":575,"marks":689},"Battery Megafactories Europe conference",[690],{"type":676,"attrs":691},{"href":692,"uuid":49,"anchor":49,"target":49,"linktype":679},"https://source.benchmarkminerals.com/video/watch/svolt-and-its-view-on-the-development-of-ev-battery-technology",{"text":694,"type":575}," that SVOLT was investigating the possibility of manufacturing in Detroit in the US.",{"type":570,"attrs":696,"content":697},{"textAlign":49},[698,700,706],{"text":699,"type":575},"In 2020, SVOLT unveiled a new ",{"text":701,"type":575,"marks":702},"cobalt-free lithium ion battery.",[703],{"type":676,"attrs":704},{"href":705,"uuid":49,"anchor":49,"target":49,"linktype":679},"https://source.benchmarkminerals.com/article/svolt-unveils-new-cobalt-free-battery-what-does-this-mean-for-trajectory-of-cathode-technology-and-the-future-of-cobalt-in-batteries",{"text":707,"type":575}," Cobalt plays a crucial role in increasing lithium ion battery cells’ life cycle and helps to maintain thermal stability, but two-thirds of its production comes from the Democratic Republic of the Congo, where some of it is mined by hand in poor conditions. ",{"type":570,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":575},"The cobalt-free nickel-manganese (NMX) cathode, which the company says is energy dense, long-lasting and stable at high temperatures, is being tested on the road in the ORA iQ, an electric vehicle sub-brand of Great Wall Motors, according to Urrutia.","Chinese battery company SVOLT filed for a $2.1 billion initial public offering on the Shanghai Stock Exchange this week, becoming the last of China’s six largest battery manufacturers to list. The company said it intends to sell 25% of its shares and raise 15 billion RMB ($2.1 billion) for the expansion of new plants in […]",[715],{"slug":558,"name":559,"content":716},{"job_title":561,"image":717,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d5959a7e-da55-4bcc-82ce-6a34b9922cc6\", \"id\": \"\"}-->","article",[721],{"slug":722,"name":723},"batteries","Batteries","private",{"id":49,"alt":654,"name":654,"focus":654,"title":654,"source":654,"filename":726,"copyright":654,"fieldtype":727,"meta_data":728,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f2587cdb67/bm-svolt.jpg","asset",{"alt":654,"title":654,"source":654,"copyright":654},"Nov 24, 2022","24th November 2022",[],[],1780500975292]