Mplus to supply battery equipment to China’s Evergrande

South Korean battery equipment maker Mplus said on Wednesday that it has clinched an order worth 26 billion won for battery equipment from China’s Evergrande.

The company’s contract with Yangzhou Evergrande Neoenrgy Technology Development will last until August 21 this year.

Evergrande Group is planning to spend 120 billion yuan to build factories to manufacture automobiles, batteries and motors.

It is aiming to have production capacity of 20GWh per year for the next two years. It is aiming to expand its capacity every two years after that to 50GWh then 70GWh.

Last year, limitations in travel and distribution caused by the COVID-19 pandemic delayed investments of customers, a Mplus spokesperson said.

These delayed orders, combined with new orders from China, Europe and the US from the growth of the electric vehicle market, will accelerate Mplus’ growth this year, they said/

Mplus has so for accumulated 35.5 billion won in orders this year. 

Last year, it was chosen as one of a hundred local champions in the material, component and equipment sector by the South Korean government. It has been recording recover sales every year for the past five years.