Korean manufacturer mPLUS has supplied stacking equipment for making batteries to China’s SVOLT Energy Technology, formerly the Battery Business Unit of Great Wall Motor, according to industry sources on Feb.28.
Like most Chinese battery makers such as CATL and BYD, SVOLT manufactures mostly square-type batteries. Previously, mPLUS had focused mainly on pouch-type batteries, so the latest move reflects the firm’s success in diversifying its portfolio, the sources noted.
SVOLT recently announced that it would invest 10 billion yuan into building battery facilities in Beijing, Changzhou and Tianjin that combined would have an annual capacity of 20GWh. To target European markets, SVOLT plans to spend another 2 billion euros.
Market watchers say these developments make SVOLT the perfect partner for mPLUS, which is looking to expand overseas. For SVOLT, mPLUS’ stacking technology would help it resolve some of the structural shortcomings of its batteries to manufacture so-called ‘hybrid’ batteries.
Industry giants like CATL already produces such hybrid batteries, and Samsung SDI is planning to follow suit from its Hungary plant – mPLUS has previously supplied stacking equipment to the Samsung affiliate.
In 2019, mPLUS recorded record-high revenues of KRW 104.3 billion, and is targeting KRW 200 billion this year.
The Elec is South Korea’s No.1 tech news platform.