Svolt Energy is reportedly suspending two battery factory projects in Germany, due to struggling operations in its home Chinese market. The report, originally in local media outlet Caixin, said Svolt is unable to handle overseas factories that require a lot of capital.
Svolt did not respond to BEST’s repeated enquiries this week about its European plans. Only last week at Batteries Event, we were told by a senior industry player to expect Svolt to announce a new project in Europe.
Svolt had planned to build two factories in Germany: a battery module and pack plant in Saarland and a cell plant in Brandenburg. The pack project, announced in November 2020, was due to be completed by mid-2024 and have a capacity of 24GWh. Investment was set at €2 billion ($2.2 billion).
It emerged earlier this year in reports that the company had abandoned plans for expansion in Brandenburg, Germany. Svolt had also announced it was considering a new 50GWh cell factory in Finland.
