A joint venture focused on sodium-ion battery technology has been established between BYD’s NEV and power battery division and Huaihai Holding Group. The joint venture, Huaihai FinDreams Sodium Battery Technology (Xuzhou) Co Ltd, has been officially established with a registered capital of RMB 500 million ($69.2 million). BYD’s battery unit FinDreams owns 51% of the joint venture, while Huaihai Holding Group owns 49%.
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The partnership will engage in battery manufacturing and sales, as well as the recycling and utilization of obsolete power batteries. The objective is to enhance technology development and production capabilities in the sodium-ion battery domain by leveraging Huaihai’s marketing and application scenarios resources and FinDreams’ product and service proficiency.
An agreement was reached in November 2023 to build a sodium battery base in Xuzhou with a planned investment of RMB 10 billion and an annual capacity of 30 GWh, aiming to become the world’s largest supplier of sodium battery systems for microcars. The construction of the sodium-ion battery production base started on January 5.
