Introduction to BYD‘s Sodium Battery Joint Venture
BYD, a leading name in the new energy vehicle (NEV) sector, has formed a Sodium-ion Battery joint venture. This venture is a significant step in commercializing lower-cost batteries.
Details of the Joint Venture
Huaihai FinDreams Sodium Battery Technology (Xuzhou) Co Ltd, the joint venture, was incorporated on April 30. The company is based in Xuzhou, Jiangsu province, eastern China. According to data from Tianyancha, the joint venture has a registered capital of RMB 500 million ($69.2 million). BYD’s battery unit, FinDreams, holds 51 percent, while the local conglomerate, Huaihai Holding Group, holds the remaining 49 percent.
Scope and Operations
The joint venture focuses on battery manufacturing and sales as well as battery recycling and utilization. BYD plans to enhance its technology development and production capacity in sodium-ion batteries. The aim is to promote the industrialization of Sodium-ion Battery technology.
Significant Investments and Goals
On November 19, 2023, Huaihai signed an agreement with FinDreams in Shenzhen to build a sodium battery base in Xuzhou. The project has a planned total investment of RMB 10 billion and an annual capacity of 30 GWh. This facility is set to become the world’s largest supplier of sodium battery systems for microcars.
Huaihai will contribute its resources in marketing and application scenarios. In turn, FinDreams will provide products and services. The Sodium-ion Battery production base construction began on January 5.
Background and Development
Founded in 1976, Huaihai operates in small vehicles, Electric Vehicles, components, and financial services. There were several rumors in November 2022 about BYD’s sodium-ion batteries being mass-produced in 2023. It was speculated that the Seagull would be the first model to use these batteries. However, BYD has not confirmed any of these rumors.
CATL‘s Role in Sodium-Ion Batteries
On July 29, 2021, CATL unveiled its first-generation Sodium-ion Battery, bringing this new, cost-effective technology into the public eye. CATL is developing its second-generation sodium battery, which will complement lithium batteries in many areas.
Conclusion
BYD’s formation of a sodium battery joint venture marks a significant advancement in the battery industry. It aims to commercialize lower-cost sodium-ion batteries, which have the potential to revolutionize the market, particularly in microcars. This partnership between BYD and Huaihai Holding Group is poised to lead the way in Sodium-ion Battery production and utilization.
For more updates on the latest battery industry developments, stay tuned to Batteries News.
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