Chinese battery maker EVE Energy aims to build a factory in the northeastern Hungarian city of Debrecen as part of efforts to expand globally and secure more business in Europe.
The company said Wednesday it signed a letter of intent with Debrecen Real Estate Development, an affiliate of the Debrecen city government, to purchase 45 acres of land in the city’s industrial park for the project.
The deal will allow it to construct a plant to produce a new type of cylindrical battery cells for electric vehicles, it added, without disclosing additional details about the project.
EVE Energy is based in the south China city of Huizhou and listed on the Shenzhen Stock Exchange.
It produces various lithium batteries made from lithium ion and lithium iron phosphate for EVs, plug-in hybrids as well as electrical and electronic devices.
According to Soochow Securities, a Shanghai-based investment bank, EVE Energy’s installed annual battery production capacity reached 28.5 gigawatt hours in 2021, making it one of China’s top ten battery makers for electrified vehicles.