EVE Energy will start supplying pouch batteries to Hyundai Motor Company for their new electric cars, TheElec has learned.
The Chinese battery maker said it plans to produce 10GWh of pouch batteries this year.
EVE Energy won a six year contract to supply Hyundai Motor and Kia with pouch batteries back in March, 2019.
The Chinese firm began making NCM pouch batteries for the first time in March, 2018 when its 1.5GWh per year factory at Huizhou started operations.
Prior to EVE Energy joining the pack, in China, only Wanxiang A123, Farasis and Envision AESC manufactured pouch batteries.
Most Chinese battery makers such as CATL and BYD manufacture mostly prismatic batteries. However, they are expanding into pouch batteries as well. CATL has signed a contract with Daimler to supply pouch batteries.
EVE Energy’s pouch battery production ties with its partnership with SK Innovation.
Its South Korea counterpart formed a subsidiary in China called Blue Dragon Energy back in November, 2017, to invest in the market there.
EVE Energy put in 2.03 billion yuan of its own into Blue Dragon Energy, forming close ties with SK Innovation.
The Korean firm recently acquired a 49% stake in EVE Asia, a subsidiary of EVE Energy. The joint venture will manage the battery factory at Huizhou, which will supply batteries to Hyundai. SK Innovation plans to supply to Kia through its factory at Yancheng as well.
EVE Energy increasingly becoming a strong player in the pouch battery over rivals in China, a person familiar with the matter said.