Chinese battery maker SVolt Energy Technology Co. is set to expand its footprint in Europe to as many as five factories, with talks to supply the region’s carmakers well underway, reports Bloomberg.
SVolt, spun out of BMW AG partner Great Wall Motor Co., already has two locations in Germany with one facility set to start supplying Stellantis NV from 2025. The company targets production capacity of at least 50 gigawatt-hours in Europe by the end of the decade, according to SVolt Europe head Kai-Uwe Wollenhaupt. That’s enough to power as many as 1 million EVs.
“The battery industry in Europe is really taking off,” Wollenhaupt said in an interview. “We could develop our sites even faster if we had more resources like land and skilled workers available.” SVolt is in talks with several European car manufacturers about battery cell supply agreements, with three deals expected to wrap up until the middle of the year.