FRANKFURT, GERMANY, Sep. XX, 2019 /PRNewswire/ -- SVOLT Energy Technology Co., Ltd. ("SVOLT"), a leading EV battery manufacturer carved out of Great Wall Motor ("GWM"), unveiled its evolutionary new EV battery products for European OEMs at the Internationale Automobil-Ausstellung (IAA)2019 in Germany. During the show, the independent manufacturer displayed its NCM 811 battery series, a reliable and cost-effective solution for electric vehicles (EV) based on stacking technology.
SVOLT's breakthrough NCM 811 series harnesses high-speed stacking technology in its EV battery cells to deliver a significant improvement to EV performance. As one of the few battery manufacturers to use stacking technology, SVOLT's revolutionary process offers the European OEMs batteries with up to 5% more energy density and up to 10% increase in life cycle while reducing production costs.
Since its founding within Great Wall Motors (GWM), SVOLT is rapidly becoming recognized as a leading EV battery manufacturer in China and overseas. Leveraging the latest processes and materials, SVOLT's products address pain points, such as cost, life-cycle and safety, which have long plagued the auto industry. One of SVOLT's key achievements in this area was the removal of the rare element, cobalt, from the production of lithium-ion batteries, which allowed for reduced production costs of 5%-15% and a dropin cell BOM cost by 5%.
SVOLT enters Europe at the cusp of a revolution in the automotive industry—potentially the largest in over a century—driven by electrification trends. Following the Paris Agreement in 2015, the EU capped vehicle CO2 emissions at 95 grams per 95 km, spurring wide-scale adoption of EVs. The European Transport & Environment predicts the number of EVs in Europe will soar six-fold from 2019 to 2025, to satisfy this demand, manufacturing capacity, innovation, and access to affordable batteries must increase.
"The EV market is estimated to reach its tipping point in the next five years when the price of EVs are on par with the internal combustion engine. One of the principal factors of the trend is the cost of the battery," said Yang Hongxin, general manager of SVOLT, "With the reliable, high-energy and cost-effective batteries driving down the cost of EV ownership, new energy cars will soon become the viable option of new buyers."
"EU and China are speeding up electric vehicle adoption, and the ever-evolving digital technologies well underway have already begun to push the transformation of manufacturing. We believe that the EU and China will become the two biggest EV markets in the near future. Therefore, we are steppingup our EV strategy in response to this inevitable demand," he added.
To meet the growing demand in the region, SVOLT revealed plans to establish its first factory in Europe and outlined its regional development strategy.
"Investing in Europe means investing in the future of European mobility," said Yang Hongxin, "Our European market plan is open and flexible, and we welcome collaboration opportunities across the region."
SVOLT, (formerly the Battery Business Unit of Great Wall Motor), began operating as an independent company in 2018. Headquartered in Wuxi, Jiangsu, SVOLT is a high-tech new energy company spearheading innovation in the R&D and manufacturing of EVB materials, cells, modules, PACK, BMS, energy storage and solar energy.