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EVE Energy Co., Ltd. Business Report FY ended Dec. 2023
Financial overview |
(CNY millions) |
| FY ended Dec. 31, 2023 | FY ended Dec. 31, 2022 | Change（%） | |
| Sales | 48,783.59 | 36,303.95 | 34.38% |
| Operating income | 4,845.74 | 3,511.93 | 37.98% |
| Ordinary income | 4,828.79 | 3,498.13 | 38.04% |
| Net income | 4,520.27 | 3,671.89 | 23.10% |
Primary factors
-The company has advantages in consumer batteries. In the consumer battery sector, the company's products have a leading position in the market and obvious competitive advantages. Among them, the sales and export volume of lithium primary batteries have ranked first in China for 8 consecutive years.
-Benefiting from the growth of the New Energy Vehicle industry, the company's power battery shipments have also continued to grow.
New products
-EVE Energy unveiled the Open Source super charging battery for commercial vehicles (CVs).
Capable of 3C super charging, the Open Source battery delivers a charging time of 15 minutes from 20% to 80% state-of-charge (67% shorter than that of a conventional battery) and an extended cycle life of 7,000 cycles. Safety-wise, the battery has passed 9mm diagonal torsion testing, maintaining structural integrity and air tightness after 60,000 torsion cycles. To handle the challenges of large size and special structure of CV batteries, the battery employs the new CTB all-domain foaming technology and the new top-bottom double-sided cooling technology for precise temperature control and effective performance and service life enhancements.
The Open Source battery covers four battery cells: the LF125P, the LF125H, the LF140P, and the LF150P. Based on these battery cells, the M3/M4 (for micro vans), T3 (for light-duty trucks), H2 (for heavy-duty trucks), and H3 (for heavy-duty trucks) platforms have been developed for extensive use in CVs such as logistics vehicles and heavy-duty trucks. (From an EVE Energy press release dated May 11, 2024)
New companies
-EVE Energy announced the official inauguration of its Beijing, South China, Central China, Southwest China, Northeast China, Asia-Pacific, and Southeast Asia regional headquarters and Taipei office. These new regional headquarters aim to help EVE Energy get closer to customers and provide more timely services to further advance the customer-centric business philosophy. This initiative is considered an important milestone for EVE Energy to start its global operation in the context of a new development trend in the New Energy Vehicle industry, which will be helpful for the company to meet the challenges of social energy transition and green sustainable development. (From an EVE Energy press release dated January 29, 2024)
-EVE Energy announced that EVE Energy Pte. Ltd., its Singaporean branch, was officially established at the Marina Bay Financial Centre. The establishment of the branch will effectively enhance EVE Energy’s responsiveness to the demand of the Southeast Asian market and its customer service capacity. With strong platform R&D and superior manufacturing and service capabilities, EVE Energy will continuously strengthen Sino–Singaporean cooperation and improve the distribution of the Southeast Asian marketing network to contribute to the development of the New Energy industry. (From an EVE Energy press release dated January 2, 2024)
Orders
| Customer | Remarks |
|---|---|
| JAC Group |
EVE Energy Co., Ltd. (EVE Energy) announced that its large cylindrical NCM batteries are installed in the Refine RF8, an MPV model under JAC Group. The Refine RF8 has a battery capacity of 44.5kWh. The large cylindrical battery system installed in this MPV has an energy density of up to 180Wh/kg. The Refine RF8 also has an open-valve degassing function, which, together with the system's wrap-around cooling design, realizes NTP (No Thermal Spreading, No Fire) for the entire life cycle. In addition, based on the dual innovations of a large cylindrical battery material system and structure system, the Refine RF8 can realize super flash charging, which is a truly meaningful integration of high specific energy, high safety, and ultra-fast charging. (From a press release dated February 1, 2024) |
| GM | EVE Energy Co., Ltd. (EVE Energy) announced that EVE Power Co., Ltd. (EVE Power), a subsidiary, received a notification from General Motors (GM) on designation for supplying 12V automotive lithium battery systems. (From an EVE Energy press release dated September 13, 2023) |
| GAC Aion | EVE Energy Co., Ltd. (EVE Energy) announced that it will provide GAC Aion’s Hyper GT intelligent coupe with the square ternary power battery, which adopts a lamination process and combines such features as high power density, low internal resistance, and strong fast-charging capability. (From an EVE Energy press release dated July 6, 2023) |
Strategic alliances
| StoreDot |
StoreDot extended collaboration with EVE Energy. The agreement gives StoreDot access to EVE’s extensive manufacturing footprint and the ability to mass produce its 100in5 extreme fast-charging battery cells (XFC batteries). The company will also license its technology to EVE and continue to pursue licensing agreements with other third parties, in conjunction with creating its global captive capacity. The deal will facilitate StoreDot’s cells being produced from EVE’s highly advanced production lines in the future, to be delivered directly to the company’s customer portfolio of global electric vehicle manufacturers. EVE Energy began its relationship with StoreDot in 2017 and announced a significant EVE-affiliated investment in the business in 2021. |
|---|---|
| Skywell Group |
EVE Power Co., Ltd. (EVE Power), a subsidiary of EVE Energy Co., Ltd., announced the signing of a strategic cooperation agreement with Skywell New Energy Automobile Group Co., Ltd. (Skywell Group). The two parties will conduct all-round cooperation in areas such as development, manufacturing, and market exploitation of power batteries to co-develop the New Energy Vehicle market. They will establish a long-term cooperation mechanism to conduct more in-depth and more strategic cooperation in the battery field, providing more competitive products for Skywell Group based on EVE Power’s technology advantages to boost the development of the industry. (From an EVE Power press release dated January 29, 2024) |
| Electrum, GWKC |
EVE Energy announced the signing of a tripartite cooperation agreement on battery systems and battery swapping for electric motorcycles with PT Energi Kreasi Bersama (Electrum) and Shenzhen GWKC New Energy Technology Co., Ltd. (GWKC). According to the agreement, the three parties will jointly tackle key issues to continuously optimize and upgrade battery system design and processes and build a strong market competitive advantage. They will also establish stable supply guarantees and after-sales support services for battery systems in China and Southeast Asia to increase their share in the electric motorcycle battery swapping operation market. (From an EVE Energy press release dated November 28, 2023) |
| JPTG | EVE Energy Co., Ltd. (EVE Energy) announced that EVE Power Co., Ltd. (EVE Power), a subsidiary, signed a strategic cooperation agreement with Jingmen Public Transport Group Co., Ltd. (JPTG). According to the agreement, the two parties will conduct all-round cooperation in areas such as promotion of New Energy Vehicles (NEVs), charging and battery swapping for NEVs, recycling of batteries, and industrial research to promote the electrification and sustainable development of urban public transportation. They will co-build an ecosystem for the New Energy industrial chain in the public transportation sector. (From an EVE Energy press release dated October 20, 2023) |
| Li-Cycle | EVE Energy Co., Ltd. (EVE Energy) announced the signing of a memorandum of understanding (MoU) with Li-Cycle Holdings Corp. (Li-Cycle), a Canadian lithium-ion battery recycling company. The two parties will jointly explore globally sustainable recycling solutions to support EVE Energy in realizing recycling of battery waste at its overseas plants and in its target markets. In addition, the partnership will establish a closed-loop circular supply system for battery materials to support EVE Energy’s low carbon goals. (From an EVE Energy press release dated July 12, 2023) |
| Ronbay | The company announced the signing of a strategic cooperation agreement with Ningbo Ronbay New Energy Technology Co., Ltd. (Ronbay). The two parties will conduct all-round, in-depth cooperation in such fields as batteries, materials, markets, strategies, technologies, product development, and supply chains to jointly build a New Energy material industrial chain with global competitiveness. (From an EVE Energy press release dated May 30, 2023) |
Exhibitions
-EVE Power Co., Ltd. (EVE Power), a subsidiary of EVE Energy Co., Ltd., participated in the 2024 New York International Auto Show (NYIAS).
At the event, the company exhibited: a large cylindrical battery designated by automakers such as BMW Group and Rimac; and the Simba solution for 12V low-voltage application scenarios with excellent performance in terms of high and low temperatures, cycle life, and weight. The latter, which can take the place of lead-acid batteries and is more compatible with vehicles, has been designated by General Motors. Also exhibited were square batteries based on various chemical systems, such as ternary lithium, lithium-iron phosphate, and lithium-manganese-iron phosphate batteries.
(From an EVE Power press release dated April 12, 2024)
-EVE Energy Co., Ltd. (EVE Energy) announced that it participated in The Battery Show North America (The Battery Show) held from September 12 to 14 in Detroit with state-of-the-art battery cells and new energy solutions. At the event, the company exhibited such products as lithium-thionyl chloride batteries, lithium-manganese dioxide batteries, supercapacitors, small lithium-ion batteries, cylindrical ternary batteries, and cylindrical lithium iron phosphate batteries, among which a 46-series large cylindrical battery will be used to power the BMW Neue Klasse, the most recently launched BMW electric model. The company has put many kinds of large cylindrical batteries into the C-sample stage so far and has seen 1 million 46-series large cylindrical batteries roll off the production line in June 2023, with the 2 millionth to roll off the production line September 2023. (From an EVE Energy press release dated September 22, 2023)
-EVE Energy Co., Ltd. announced that it has presented its power cell solutions for passenger vehicles at IAA Mobility 2023. In terms of design, the 46mm diameter large cylindrical batteries can be adjusted in height to accommodate various vehicle models, from A, B, or C-segment sedans to SUVs. For manufacturing, production time for large cylindrical batteries has been reduced to just seven days, streamlining the process by 30% compared to traditional methods. This has led to a remarkable 40-fold increase in production efficiency. Several types of large cylindrical cells have already entered the C-sample testing phase. The cylindrical batteries utilized in the π-SYSTEM have been developed to maximize production efficiency while minimizing overall vehicle energy consumption. With its highly integrated design and use of lightweight materials, this system features a fast-charging capability, which only takes nine minutes at room temperature to charge from a 10% to an 80% state of charge, and the max. charge current is 6.3C rate. Even in cold temperatures as low as -10℃, the π system only takes 20 minutes to charge from a 10% to 80% state of charge with a max charge current of 4.5C, and the heating rate can achieve 2℃/min. (Based on EVE Energy press release on September 11, 2023)
Trends of production sites
-EVE Energy Co., Ltd. (EVE Energy) announced that its wholly-owned step-down subsidiary, EVE ENERGY US Holding LLC (EVE ENERGY US), signed an agreement with Accelera by Cummins, the zero-emissions business unit of Cummins Inc., Daimler Trucks & Buses US Holding LLC, and PACCAR Inc. Under the agreement, the companies plan to jointly invest in the establishment of a US-based joint venture which will produce batteries. The batteries produced at the joint venture will be applied in designated North American commercial vehicle segments. (From a press release dated September 8, 2023)
-Energy Absolute Public Company Limited (EA) announced that it has as signed a Memorandum of Understanding with EVE Energy Co., Ltd. and Sunwoda Mobility Energy Technology Co., Ltd. respectively to study the setting up of a battery cell factory with the initial capacity of 6 GWh per year in Thailand. It is expected that the results of this study will be led to the setting up an advanced battery cell manufacturing plants at competitive costs in the electric vehicle (EV) and energy storage system (ESS) industries to serve the batteries demand in the EA group, including the battery market in Thailand and ASEAN. (From a press release on July 31, 2023)
-EVE Energy Co., Ltd. (EVE Energy) announced that it plans to raise funds to build a project with a 21GWh capacity of large cylindrical power batteries for passenger vehicles (PVs) in Chengdu, Sichuan. With a total project investment of about CNY 5.2 billion, an approximate 21GWh annual capacity of 46-series large cylindrical ternary batteries that will be mainly for PVs will be formed upon commissioning. (From an EVE Energy SZSE press release dated June 26, 2023)
-EVE Energy Co. Ltd. announced the groundbreaking ceremony for its new manufacturing facility in Kulim, Kedah, Malaysia. This 53rd plant of the Chinese company will have an initial investment of USD 422 million and will focus on the production of cylindrical lithium-ion batteries to support power tools and electric 2-wheelers manufacturing in Malaysia and across Southeast Asia. EVE Energy Malaysia Sdn. Bhd., said this initial project will be constructed in phases, and the construction period will not exceed 3 years. According to mida, the collaboration with industry leaders like EVE will help Malaysia foster an environment of innovation and technological advancement. (From the Malaysian Industrial Development Authority press release on August 7, 2023)
R&D structure
-The Company has a research and development team with over 30 PhDs and nearly 600 engineers in the fields of materials, electrochemistry, structural design, and electronic-circuit design.
-The R&D center covers an area of 50,000 square meters and has assets worth over CNY 300 million. It has five research laboratories, including a series of laboratories that check electrical performance and measure safety and reliability. It has partnered with many universities and research institutes, including Wuhan University, South China University of Technology and South China Normal University.
R&D Centers
| Content | |
| Power Battery R&D Center | -The company announced the inauguration of its headquarters R&D center and the launch of its new technologies and products in December 2022. The R&D center has an investment of over CNY 2 billion and covers a construction area of 145,000 square meters. The construction of the center started in August 2021 and was completed in November 2022. The center houses a power battery research institute, a battery system research institute, an electrical performance testing center, a safety testing center, and R&D labs, covering precision testing and analysis of cylindrical batteries, prismatic batteries, modules, BMS (Battery Management System) and energy storage systems. At the new technology and product launch event, EVE Energy released a large cylindrical battery, the “π” battery system, a solid-state battery, a sodium-ion battery, a lithium secondary battery, and hydrogen energy technologies. Specifically, the next-generation large cylindrical battery is an R&D sample with an energy density of 350Wh/kg and the capability of 9-minute super-fast charging; the “π” battery system based on the CTP (Cell-To-Pack) integration technology uses new high-efficiency composite materials and new adhesives, resulting in a weight reduction of 10% and an energy density of 260Wh/kg; the large cylindrical sodium-ion battery, a product based on a laminated oxide cathode and a hard carbon anode and with a C40 aluminum shell as the carrier, has an energy density of 135Wh/Kg and can operate normally at minus 40 degrees Celsius, with a capacity retention rate of 80% at 2,500 cycles. Currently, EVE Energy is preparing for pilot-scale testing of the sodium-ion battery with its end customers. (From an EVE Energy official WeChat account press release dated December 15, 2022) |
| Primary lithium battery technology center | The company has two large laboratories, including a materials analysis laboratory, an electrochemical analysis laboratory, and a safety measurement and pilot production line, are available for testing, analysis, and measurement of the entire lithium battery life cycle. In 2017, the company invested further in R&D of primary lithium batteries by setting up a building of 14,000 square meters to focus on R&D of lithium batteries with solid cathodes. |
| Lithium-ion battery technology center | The center is primarily engaged in the R&D of lithium-ion power batteries, lithium-ion energy storagebatteries, consumer lithium-ion batteries, and new materials and core technologies. It also develops high-safety power and energy storage battery module and system integration technologies, to provide global customers with power supply solutions. |
| Power supply system technology center | This center consists of the automotive power battery department, energy storage communication department and safety reliability department, to mainly design, develop and verify energy storage communication and automotive power batteries. Since its establishment, the company has undertaken several national and Guangdong major scientific research projects: 1) Key technology research and industrialization of battery electric logistics vehicle power supply systems 2) Dual energy power integration unit and control system research and industrialization of extended-range electric buses |
R&D Expenditure |
(CNY millions) |
| FY ended Dec. 31, 2023 | FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | |
| R&D expenditure | 2,870.62 | 2,260.95 | 1,379.21 |
| Percent of sales (%) | 5.88 | 6.23 | 8.16 |
-As of the end of December 2023, the Company had 5,291 R&D personnel. This represents 19.35% of the Company's total workforce.
Patents
-The company announced that it passed the TISAX AL3 assessment, the highest level information security management system recognized by the European Automobile Manufacturers’ Association. TISAX (Trusted Information Security Assessment Exchange) is an assessment and exchange mechanism for information security founded jointly by the German Association of the Automotive Industry (VDA) and the ENX Association.
-The company announced that its subsidiary, EVE Power Co., Ltd. (EVE Power), has obtained the ISO 26262:2018 (Ed.2 up to ASIL D) process certification issued by TÜV NORD CERT GmbH. EVE Power's LF173 and LF230 batteries have obtained the IEC62619 CB certificate, and the LF105, LF173, and LF304 batteries have obtained UL2580, UL1642, and UL1973 certifications, respectively.
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