BYD’s sodium-ion battery joint venture has been set up as the new energy vehicle (NEV) and power battery giant pushes for the commercialization of lower-cost batteries.
Huaihai FinDreams Sodium Battery Technology (Xuzhou) Co Ltd was incorporated on April 30 in Xuzhou, Jiangsu province in eastern China, according to data provider Tianyancha. The company has registered capital of RMB 500 million ($69.2 million), with BYD’s battery unit FinDreams holding 51 percent and local conglomerate Huaihai Holding Group holding the remaining 49 percent.
The joint venture’s scope of operations includes battery manufacturing and sales, recycling and utilization of used power batteries. The company will strengthen its technology development and production capacity in the field of sodium-ion batteries and promote the industrialization of sodium-ion battery technology, BYD said.
The project, with a planned total investment of RMB 10 billion and an annual capacity of 30 GWh, will be the world’s largest supplier of sodium battery systems for microcars, Huaihai said at the time.
Huaihai will provide its resources in terms of marketing, application scenarios, and FinDreams will provide products and services, another previous press release from the company said.
