EVE and Dynanonic set up a joint venture company

On March 23, EVE Energy Co., Ltd. (hereinafter referred to as "EVE") and Shenzhen Dynanonic Co., Ltd. (hereinafter referred to as "Dynanonic") signed a Joint Venture Agreement (hereinafter referred to as "this agreement"), intending to establish a joint venture company. The registered capital of the joint venture company is 15.2 million USD, of which EVE will subscribe 6.1 million USD with its own and self-raised funds and hold 40% of the equity of the joint venture while Dynanonic subscribes 9.1 million USD and holds 60% equity of the joint venture company.

The joint venture company will focus on the production of low-cost and high-quality LFP batteries and give priority to the supply of EVE and its subsidiaries. The total planned investment in the joint venture project is USD 304.4 million with an annual production capacity of 100,000 tons. The joint venture company shall realize mass production within 12 months after this agreement takes effect.

The joint venture company will integrate the superior resources of both parties and give full play to their competitive advantages. It will help EVE stabilize the supply of raw materials, reduce procurement costs, which conform to EVE's industrial layout and strategic development plan and will help enhance EVE's core competitiveness and profitability.