EVE (300014) is making another big move!
On the evening of June 27, EVE announced that its wholly-owned grandchild company, EVE ENERGY STORAGE MALAYSIA SDN.BHD. (hereinafter referred to as "EVE Energy Storage Malaysia"), plans to invest in the construction of a new-type energy storage battery project using its own funds, funds raised from stock issuance, and/or self-raised funds, with an investment amount not exceeding RMB 8.654 billion.
The announcement revealed that the project, leveraging domestic manufacturing advantages and operational experience, intends to expand an energy storage production site in Kedah, Malaysia, with a construction period not exceeding 2.5 years.
EVE stated that the project aims to expand overseas production capacity by relying on domestic advantages, meet the growing global demand for energy storage, reduce the risks of trade friction, promote overseas business expansion, enhance company performance, and strengthen its market position and global industrial layout in the lithium battery sector.
Battery Network noted that as of the close of trading on June 27, EVE's total market value reached RMB 91.955 billion.
In terms of overseas layout, EVE's Malaysia factory is positioned as a multi-scenario lithium battery production base covering Asia and radiating globally. Equipment for the cylindrical lithium battery project serving the electric two-wheeler, tool, and consumer electronics markets has already begun arriving at the site in December 2024, with an annual production capacity of 680 million small cylindrical batteries expected to achieve mass production in early 2025. Meanwhile, new energy storage battery and consumer battery manufacturing projects were added in 2024, further consolidating the Malaysia production site's position as a supply chain hub in Southeast Asia.
EVE's large cylindrical battery project for passenger vehicles, invested in and constructed in Debrecen, Hungary, is progressing smoothly. The project is adjacent to BMW Group's Debrecen factory, with groundwork completed in 2024 and expected to be operational by 2026. This project is expected to significantly enhance delivery capabilities in the European market and strengthen the company's technological leadership in the global power battery sector.
Furthermore, EVE has also established battery production capacity through joint ventures with leading North American commercial vehicle enterprises under the "CLS Global Cooperative Operation Model," focusing on the commercial vehicle sector. In September 2024, the US regional headquarters was officially launched, marking a new stage in localized operations. Combining technical licensing and service networks in the US, the company will deeply participate in North America's energy transition, achieving full-chain integration of R&D, manufacturing, and services.
In terms of energy storage batteries, EVE's shipments reached 50.45 GWh in 2024, with a year-on-year increase of 91.90%.
According to EVE's 2024 annual report, the energy storage project at EVE's Malaysia factory progressed steadily as planned in 2024, with mass production expected to commence in early 2026 to support global overseas delivery. High-quality overseas production capacity creates value for international first-tier customers, which will be conducive to further enhancing EVE's influence and market share in the ESS market.
In addition, in December 2024, EVE's 60GWh mega factory commenced production, marking a new stage in the large-scale application of ultra-high capacity battery cells in the global ESS industry.
Battery Network also noted that EVE is planning to list in Hong Kong to further advance its globalization strategy.
On June 9, EVE issued an announcement stating that in order to further enhance the company's capital strength and comprehensive competitiveness, elevate its international brand image, meet the needs of its international business development, and further advance its globalization strategy, the company intends to issue H shares and list them on the main board of the Hong Kong Stock Exchange.
EVE clarified that it will fully consider the interests of existing shareholders and the situation of capital markets at home and abroad, and choose an appropriate timing and issuance window to complete this issuance and listing within the validity period of the shareholders' meeting resolution (i.e., within 24 months from the date of approval by the company's shareholders' meeting or other extended periods as agreed).
