Chinese company SVOLT Energy Technology Co. Ltd held the world premiere of the first in the market of cobalt-free lithium-ion (NMx) and four-element lithium-ion (NCMA) batteries. According to the manufacturer, they are designed to solve the main problems of the electric vehicle industry: cost and safety.
SVOLT Energy Technology Co. Ltd separated from the major Chinese automaker Great Wall Motors Co. Ltd in February 2018 and since then specializes in the development and production of batteries for electric vehicles. At the last event, svolt CEO Yang Honsin said that non-cobalt lithium-ion batteries are able to compete with NCM811: the cost of their materials is lower by 5-15%, and components — by 5%, in addition, there is no dependence on strategic resources.
Svolt's four-cell lithium-ion batteries outperform NCM811 in the number of charge cycles, demonstrate better resistance to heat and generate less gas. As a result, they have increased capacity, increased service life and better safety performance.
During the presentation, svolt also announced plans to build a plant in Europe for the production of new batteries. The company is ready to invest 2 billion euros in the construction of a plant with a capacity of 24 GW∙h, a factory for the production of cathode materials and a technological center.