Top 15 Lithium Ion Battery Manufacturers in 2024

Amidst the global surge in electrification and the rise of the energy storage market, lithium batteries, which play a pivotal role, are experiencing explosive demand growth. Consequently, driven by this demand, the expansion footprint of lithium battery companies has been spread globally at a brisk pace.

On the whole, the global lithium-ion battery production capacity surpassed 2,000GWh in 2022 and is expected to maintain a 33% compound annual growth rate over the next four years, achieving over 6,300GWh of production capacity by 2026.

In terms of distribution, Asia’s lithium battery production capacity took an absolute lead in 2022, accounting for 84% of the total capacity, and is anticipated to continue this dominant position over the next four years.

Meanwhile, Europe and the Americas, as the other two major consumer markets for new energy vehicles, are fostering domestic battery industry chain development through encouraging policies.

Regionally, Asia had the highest growth rate in capacity in 2022, reaching 77%, followed by the Americas and Europe. At the same time, to stimulate domestic lithium battery industry chain development, the U.S. and the European Union have successively enacted policies in recent years, encouraging battery companies to expand into Europe and America.

Considering the construction and release cycle of production capacity in Europe and America, 2025 will be the peak release time for their capacity, with the growth rate reaching its zenith that year.

Country-wise, the top five nations for lithium-ion battery production capacity in 2022 were China, the U.S., Poland, Sweden, and South Korea. Together, these five countries accounted for 93% of the total production capacity, demonstrating a highly concentrated market landscape.

With the development of global, lithium ion battery palys an important role in our daily life. It can be applicated in home energy storage/Robotic/AGV/RGV/medical equipment/Industrial Equipment/solar energy stoage etc. (Want to understand the advantages of lithium batteries over lead acid? Continue reading our next article for an in-depth comparison.)

Lithium Ion Manufacturers

Some of the top 10 lithium-ion battery manufacturers in the world include:

1.CATL (Contemporary Amperex Technology Co., Limited)

CATL is a global leader in lithium-ion battery development and manufacturing  for electric vehicles and energy storage systems, as well as battery management systems (BMS). CATL is the biggest lithium-ion battery manufacturer for EVs in the world, producing 96.7 GWh of the global 296.8 GWh, up 167.5% year on year.

Key Points About CATL:

1. Global Influence: CATL’s influence extends globally, with partnerships and collaborations with major automakers worldwide. Their batteries power a wide range of electric vehicles, from compact cars to commercial trucks.
2. Innovation: CATL is known for its continuous innovation in battery technology. They are pioneers in cobalt-free lithium iron phosphate (LFP) batteries, which offer enhanced safety and environmental benefits.
3. Sustainability: The company places a strong emphasis on sustainability, producing batteries that contribute to reduced greenhouse gas emissions and the adoption of clean energy solutions.
4. Diverse Applications: CATL’s batteries are not limited to electric vehicles. They are also used in renewable energy storage systems and stationary energy solutions, supporting the integration of clean energy sources into the grid.
5. Global Recognition: CATL has received recognition and accolades for its contributions to the electric vehicle and energy storage industries, solidifying its position as an industry leader.

2. LG Energy Solution, Ltd.

LG Energy Solution, Ltd is a battery company headquartered in Seoul, South Korea, which is the only one of the world’s top four battery companies with a background in chemical materials.LG Chem produced Korea’s first lithium-ion battery in 1999 and succeeded in supplying automotive batteries for General Motors, Volt in the late 2000s. Then, the company became a battery supplier to global car makers, including Ford, Chrysler, Audi, Renault, Volvo, Jaguar, Porsche, Tesla and SAIC Motor.

Newest Battery Technology

LG Energy Solution is set to present its next-generation home battery solutions. Although specific details are not provided in the sources, this move emphasizes the company’s dedication to cutting-edge battery technology that can revolutionize the residential energy storage sector. Keep an eye out for updates on these exciting developments.

Production Capacity Expansion

LG Energy Solution is actively expanding its production capacity. Notably, the company is investing $5.5 billion in the U.S. for battery plants. This significant investment aims to address the increasing demand for electric vehicle (EV) batteries and renewable energy storage solutions, contributing to the sustainable future of clean energy.

Collaboration with Automotive Giants

LG Energy Solution’s significance in the EV industry is evident from its partnership with automakers like Tesla. The company has ambitions to produce new battery cells for Tesla, underscoring its role in shaping the EV landscape.

Smart Factory Systems

LG Energy Solution is also expanding its smart factory systems to North American Joint Ventures (JVs). This expansion aims to optimize production processes and enhance efficiency, ensuring that LG remains a leading player in battery manufacturing.

LG Paves the Way for an Electrifying Future

Due to less interest in electric vehicles (EVs) in Europe, LG New Energy’s profits went down by 53.7% in the last part of 2023. The company said this drop happened because car companies are being more careful with how much stock they keep and because the prices of metals keep going down. This means the world might not want as many EV batteries for a little while. Still, the global EV market is expected to grow by about 20% this year, with North America’s growth likely staying strong at around 30%.

Looking forward to 2024, LG New Energy thinks its money made will increase by somewhere between 0% and 10%. They also hope that their ability to make 45 to 50 GWh of batteries will get some financial help from tax breaks given by the U.S. government next year.

3. Panasonic Corporation 

Panasonic is one of the world’s three largest lithium batteries. Due to NCA positive electrode and complex battery management system, The battery are more efficient and safety. Panasonic is the supplier of Tesla.

Newest Battery Technology

Panasonic is making significant strides in battery technology by introducing all-solid-state batteries. These batteries represent a breakthrough in energy storage, offering higher energy density, improved safety, and faster charging capabilities compared to traditional lithium-ion batteries. This innovation aligns with Panasonic’s commitment to revolutionize the battery industry.

Production Capacity Expansion

To meet the growing demand for electric vehicle (EV) batteries, Panasonic has ambitious plans. The company aims to build four additional EV battery plants. This expansion demonstrates Panasonic’s commitment to supporting the EV revolution and underscores its role as a key player in the battery manufacturing industry.

Tesla Partnership

Panasonic’s collaboration with Tesla remains strong. In 2023, Panasonic plans to start producing new Tesla batteries, highlighting its integral role in providing batteries for one of the world’s leading electric vehicle manufacturers. This partnership ensures that Panasonic’s advanced battery technology contributes to Tesla’s electric vehicles.

North American Battery Highlight

Panasonic showcased its battery capabilities at CES 2023, emphasizing its presence in the North American battery market. This presence signifies Panasonic’s commitment to serving the North American region with cutting-edge battery solutions.

Panasonic Energizes the Market with Battery Breakthroughs

In 2023, Panasonic from Japan secured the third spot globally, outside of China, in the battery market. They reached this position with an impressive 44.6 GWh of batteries supplied, marking a 26.8% increase compared to the previous year. Holding a 14% market share, Panasonic’s growth is noteworthy. As one of Tesla’s main battery providers, Panasonic’s enhanced 2170 and 4680 battery models are set to boost its market share centered around Tesla in the future.

4. SAMSUNG SDI Co., Ltd. 

Different from other leading lithium battery supplier, SDI mainly engaged in small-scale lithium-ion batteries and the packaging form of Samsung SDI Power Battery is mainly prismatic. Compared with cylindrical cell, prismatic cell can provide more protection, and safety. However, the disadvantage of prismatic cells is that there are too many models and the process is difficult to unify.

Lithium Battery Technology

Samsung is at the forefront of lithium battery technology innovation. Their commitment to building a second battery plant in the United States emphasizes their dedication to driving advancements in energy storage. These batteries are expected to offer improved energy density, longer life cycles, and enhanced safety features, making them essential for various applications, including electric vehicles (EVs).

Production Capacity Expansion

Samsung, in collaboration with Stellantis, has initiated plans to build a second battery plant in the United States. This move demonstrates their commitment to expanding production capacity to meet the increasing demand for lithium batteries, especially in the electric vehicle sector. The new gigafactory will significantly contribute to lithium battery production in 2023 and beyond.

Partnerships for Growth

The partnership between Samsung and Stellantis is a testament to their shared commitment to sustainable mobility. By establishing a second gigafactory in the U.S., both companies are investing in the clean energy transition and driving innovation in lithium battery technology.

Global Impact

Samsung’s focus on lithium batteries not only benefits the United States but also has a global impact. Their advancements in lithium battery technology have the potential to shape the future of electric vehicles, renewable energy storage, and more, contributing to a cleaner and more sustainable world.

Samsung SDI Breaks Records with Stellar Battery Sales

On January 30, 2024, Samsung SDI announced its achievements for the year 2023, hitting an all-time high with 22.71 trillion Korean won in sales and 1.63 trillion won in operating profits. This marked a significant jump in sales from the previous year, although operating profits experienced a slight decline. The company’s automotive battery sector saw remarkable growth, with sales and profits skyrocketing compared to 2022.

In the fourth quarter of 2023 alone, Samsung SDI’s sales reached 5.56 trillion won with operating profits of 311.8 billion won, showing a reduction from both the same period the previous year and the preceding quarter. The battery division, in particular, faced declines in both sales and profits during this quarter.

Looking forward to 2024, Samsung SDI is optimistic about the power battery market, expecting it to grow to approximately 184.8 billion dollars, an 18% increase from the previous year. The company is gearing up to enhance sales and profitability by focusing on its high-end products like the P5 and P6, and is well-prepared to handle new platform orders and efficiently manage its new base in the USA.

Moreover, Samsung SDI predicts the energy storage battery market will also see an 18% increase, aiming for 25.6 billion dollars. Growth is anticipated not just in major markets such as North America, Europe, and China, but also from new demands in Korea and South America, driven by energy storage development policies. Samsung SDI is ready to seize new opportunities with innovative products like the Samsung Battery Box (SBB) and is preparing LFP products to meet the evolving market demands.

Additionally, the company expects the small battery market to grow by 3% in 2024, reaching 43.8 billion dollars. Despite a projected plateau in the demand for electric tools, specialized needs are expected to rise, fueled by product diversification and increased electrification rates due to environmental regulations.

5. BYD Company Ltd. 

BYD Energy is World’s Biggest Iron-Phosphate Battery Factory, with more than 24 years Battery Manufacturing Experience.

BYD is the world’s leading manufacturer of rechargeable batteries. BYD mainly produces two kinds of batteries, including NCM lithium ion battery and lithium iron phosphate battery.

Lithium Battery Technology

BYD is at the forefront of lithium battery innovation. Notably, the company is exploring sodium-ion battery production, which is expected to commence in 2023. Sodium-ion batteries are a promising alternative to traditional lithium-ion batteries, offering potential advantages in cost, safety, and energy density. This innovative approach aligns with BYD’s commitment to sustainable energy solutions.

Production Capacity Expansion

In line with the growing demand for electric vehicles (EVs) and clean energy storage, BYD has announced plans to build a $1.2 billion EV battery plant in central China. This significant investment underlines BYD’s commitment to expanding its production capacity to meet the increasing global demand for EV batteries. It positions BYD as a major player in the electric vehicle market, supporting the transition to sustainable transportation.

Market Presence

BYD’s dedication to lithium battery technology and production expansion has solidified its position as one of the top EV battery suppliers. Collaborations with other major battery manufacturers and its focus on innovative battery chemistries like sodium-ion batteries showcase BYD’s commitment to shaping the future of clean energy storage and transportation.

6. SVOLT Energy Technology

SVOLT Energy Technology Co. Ltd., stands out as a prime mover in the lithium-ion battery sector, dedicated to the research, production, and sales of power batteries for new energy vehicles and energy storage systems. Initially funded by Great Wall Motor and established in 2018, this esteemed company made waves in the energy realm. With headquarters nestled in Jiangsu, SVOLT made a grand announcement of its IPO on the STAR Market of the Shanghai Stock Exchange on November 18, 2022.

Collaboration with BMW MINI Under the insightful leadership of Chairman and President, Yang Hongxin, SVOLT embarked on a remarkable journey. As of September 2023, they have initiated bulk supplies to the prestigious BMW MINI. Their product showcase features a high-nickel and silicon anode high-energy density square battery cell. Touted by Yang Hongxin, this battery cell boasts one of the highest energy densities available internationally.

Achieving International Standards SVOLT’s commitment to quality and safety is evident as their battery pack successfully passed a gamut of international tests, including the EU’s ECE R100.03, India’s AIS038 Rev2, Korea’s KMVSS Article 18-3 TP48, and China’s GB38031, among others.

Partnership with Stellantis Group In a significant update dated October 16, 2023, global automobile titan, Stellantis Group, proclaimed an augmentation of its battery pack procurement from SVOLT by nearly 5.48GWh. This strategic move amplifies their electrification roadmap. SVOLT and Stellantis Group’s partnership goes way back to 2018, culminating in a mammoth global collaboration project signed in July 2021, valued at approximately $25 billion.

Industry Recognition Come October 11, 2023, the Battery Alliance unveiled the rankings for “Power Battery Installation Volume from January to September 2023”. SVOLT made an impressive entry at the 8th spot with a power battery installation volume of 4.41GWh.

European Expansion Plans Setting sights on European expansion, SVOLT is on track to escalate its factory count to five in the region. With eyes on Eastern, Northern, and Western Europe, the company is in active pursuit of ideal locations, with the largest factory envisioned to have an annual production capacity of 20GWh. Kai-Uwe Wollenhaupt, SVOLT’s European Head, elucidates the company’s ambition to achieve at least 50GWh of battery production in Europe by 2030.

Investments and Future Endeavors Mapping out capacity planning, back in November 2020, SVOLT broadcasted its investment in the Saarland region of Germany to erect a European battery module and PACK factory, forecasting a capacity of 24 GWh with a whopping total investment of $3.1 billion. Come September 2022, the energy giant announced the establishment of a battery cell factory in the Lauchhammer area of Brandenburg, Germany, scheduled to commence operations in 2025 with a predicted annual output of 16 GWh.

7. Tesla

Founded in the heart of Palo Alto, Tesla Motors, Inc. represents more than just an automotive company; it’s a symbol of sustainable innovation and progress. With a staggering market cap of $1.03 trillion, Tesla’s prowess in electric vehicle (EV) manufacturing is complemented by its groundbreaking advancements in solar panel technology and energy storage solutions. Established on July 1, 2003, by Martin Eberhard and Marc Tarpenning, Tesla was christened in honor of the legendary physicist, Nikola Tesla. Under the visionary leadership of Elon Musk, Tesla’s commitment transcends beyond manufacturing EVs. Their vision? “To accelerate the world’s transition to sustainable energy.”

Tesla’s Strategic Collaborations and Aspirations In line with its global sustainable footprint, Tesla has engaged in pivotal discussions with U.S. White House officials concerning its plans to collaborate with Contemporary Amperex Technology Co., Limited (known as CATL or 宁德时代 in Chinese) to establish a battery plant in the U.S. Furthermore, as part of Tesla’s 2021 Impact Report, a riveting goal has been set: By 2030, Tesla aims to sell 20 million electric vehicles annually. Elon Musk, during a recent Investor Day event, unveiled the ambitious “Master Plan 3.” The vision for the future encompasses a massive scale of energy storage and battery output reaching 240TWh, renewable power scaling to 30TW, and an incredible manufacturing investment pegged at $10 trillion.

Tesla’s 4680 Battery: A Glimpse into the Future of EVs

Advantages of the 4680 Battery:

1. High Energy Density: The 4680 battery heralds a new era in EV battery technology. With its larger size and innovative design, it offers heightened energy density, enhancing battery capacity and subsequently amplifying the driving range of EVs.
2. Enhanced Thermal Performance: Through its unique surface irregular design, the 4680 battery achieves superior thermal dispersion. This ensures a gradual temperature rise during high-power discharges, amplifying the battery’s lifespan and safety credentials.
3. Accelerated Charging Rates: Capable of rapid charging, the 4680 battery dramatically reduces charging times, offering users a quicker “refuel” for their EVs.
4. Cost-Efficiency: Thanks to novel manufacturing processes, which encompass fewer components and optimized production lines, the 4680 battery is poised to cut production costs, setting the stage for more affordable electric vehicles.

Challenges of the 4680 Battery:

1. Technical Novelty: Being a new entrant in the battery spectrum, the 4680 might grapple with initial technical teething issues and potential reliability concerns.
2. Production and Supply Chain Dynamics: Scaling the production of the 4680 might necessitate significant modifications to Tesla’s manufacturing infrastructure and supply chain, possibly leading to short-term supply constraints.
3. Investment and Costs: While the 4680 promises a decline in production costs, the initial outlay for new manufacturing techniques and machinery might exert financial pressures on Tesla.

8.MANLY Battery

MANLY Battery: China’s Leading Battery Supplier with Over a Decade of Excellence. Established in the heart of China, MANLY Battery marks its place as a premier wholesale battery producer, boasting an illustrious history spanning over 13 years. With a reputation built on dedication and excellence, our battery manufacturing prowess is nothing short of remarkable.

Unrivalled Production Capacity:

Every day, our production line churns out battery cells and packs amassing a staggering 6MWh. Not just that, we take pride in our daily assembly of over 3,000 batteries, reflecting our commitment to quantity without compromising quality.
Nestled within a sprawling 65,000 square meter space, our cutting-edge battery manufacturing unit proudly marks its presence in prime Chinese locations: Shenzhen, Dongguan, and Huizhou.

Versatile Product Offerings:

MANLY Battery brings to the table a vast assortment of LiFePO4/lithium-ion batteries. These range from 6V to 72V, designed meticulously to cater to a plethora of applications:

• Solar energy storage solutions
• Residential and Industrial energy storage
• Advanced robots, from storage to military applications
• Base Station support
• Illuminating solar street lights
• Reliable Uninterruptible Power Supply (UPS)

Tailored to Your Needs:

At MANLY, we prioritize individual needs. Our bespoke battery services offer unmatched customization opportunities, spanning voltage, capacity, aesthetics, and more, ensuring each product aligns perfectly with client specifications.

Global Recognitions:

With MANLY, trust isn’t just a word – it’s a promise. Our products carry prestigious global certifications like UN38.3, IEC62133, UL, and CE, serving as a testament to our commitment to excellence.

Decade-long Warranty Commitment:

Quality and durability lie at the core of our offerings, reinforced by a 10-year warranty assurance.
Safety and Functionality Hand in Hand: Our batteries stand out, not just in performance but safety too. With features such as short circuit protection, overcharge safeguards, and overcurrent preventions, we prioritize user safety. Moreover, they’re designed to function flawlessly even post-severe impacts and offer flexible connection options.

Performance Under Pressure:

MANLY LiFePO4 batteries are resilient, outperforming SLA or other lithium counterparts. Functioning optimally between -20°C to 75°C (-4°F to 167°F), they’re built for the harshest environments. However, we recommend adhering to advised temperature guidelines for charging to maintain peak performance.

Setting Efficiency Benchmarks:

Why settle for less? With our LiFePO4 lithium battery, enjoy an astounding energy efficiency rate of 95%. Outshining traditional lead-acid batteries that hover around 70%, our products promise faster charging and lower energy consumption.

Innovative User Experience:

To augment user experience, we also infuse our batteries with modern features such as Bluetooth connectivity and an intuitive battery level display.
Dive into the future of efficient energy with MANLY Batteries – where legacy meets innovation

Famous Products of MANLY Battery

12V 200Ah Lithium Battery

Boost your energy solutions with the MANLY 200Ah lithium battery, utilizing cutting-edge LiFePo4 technology. It stands out as a premier choice for solar and off-grid applications, boasting a lifespan exceeding 20 years and an impressive 12V capacity.

Its sleek structure, complemented by a minimal 2.5% self-discharge rate, guarantees effortless setup and low maintenance. With integrated safety mechanisms against overvoltage and overcurrent, this battery remains resilient, even enduring impacts without risking combustion or explosion.

Elevate your user experience with its built-in Bluetooth and Battery Level Display, streamlining battery health monitoring and device management. Choose the MANLY lithium batteries 200Ah: the epitome of performance and convenience.

12V 150Ah Lithium Battery

9. Toshiba Corporation 

Toshiba has made a huge investment in its R&D department for lithium technology. The firm is currently engaged in manufacture and sales of lithium ion batteries and related storage solutions for the automotive and telecommunication sectors. As part of its diversification process, the firm has engaged itself in the production of general logic ICs, and flash storages as well.

Why Does Toshiba Produce Lithium Batteries?

1. Eco-friendly Solution: With the world shifting towards sustainable energy solutions, Toshiba recognized lithium batteries as a means to reduce carbon footprints. These batteries offer a higher energy density, ensuring more power in a smaller, lighter package.
2. Growing Market Demand: Over the past decade, there has been a surge in the demand for efficient energy storage solutions in industries like automobiles, renewable energy storage, and consumer electronic products.
3. Technical Expertise: Toshiba’s rich history in electronics and technology provided a perfect foundation for innovating and developing state-of-the-art lithium battery technology.

Toshiba’s Lithium Battery Production Scale

Based on the provided data, some of Toshiba’s lithium-ion battery systems have capacities ranging from 15.4 to 462.2 kWh, while other models boast capacities of 22 to 176 kWh, 66.9 to 356.8 kWh, and 14.9 kWh respectively.

Major Products by Toshiba

Toshiba offers a variety of lithium battery products, among which stands out the SCiB™ batteries. They are renowned for their rapid charging capabilities, long lifespan, and high safety standards. In addition to this, they provide batteries for consumer electronic products, electric vehicles, and large grid storage.

10. EVE Energy Co., Ltd.

EVE Energy Co., Ltd., an emblem of excellence in the lithium battery industry, adopts a diversified business model focusing on consumer batteries, power batteries, and energy storage batteries. From its stock market entry in 2009, its revenue experienced a whopping growth from $0.3 billion to nearly $11.83 billion by 2020.

Financial Highlights:

• In 2021, the firm reported a turnover of approximately $24.49 billion, with its power battery business churning out above $14.49 billion.
• By 2022, the revenue leaped to about $52.6 billion, representing a year-on-year growth of 114.82%.
• EVE Energy has ambitiously set the bar to cross revenues of around $144.93 billion by 2024.

Products and Technical Achievements:
EVE Energy’s expansive portfolio, featuring large cylindrical, iron-lithium, and soft pack batteries, is receiving plaudits across the market spectrum. In the realm of power batteries, during January-February 2023, the company clinched spots among the top five in China’s New Energy Passenger Vehicle market and breached the top ten on a global scale. Moreover, for commercial vehicle sectors, it secured a top-three national rank in new energy trucks, buses, and special vehicles battery installations.

Energy Storage Domain:
Globally, energy storage battery shipments reached about 20.68GWh in 2022, marking an impressive 204.3% YoY growth. Of this, EVE Energy’s contribution stood around 1.59GWh, registering a remarkable 450% growth from the previous year. This phenomenal feat placed EVE Energy in the top three of the global energy storage battery suppliers.

Recent Developments:

• As of August 24, 2023, EVE Energy (300014.SZ) rolled out its semi-annual report for 2023. It boasted a consistent growth trajectory with revenues touching $33.3 billion (a YoY spike of 53.93%). Net profit attributable to its mainstay company rocketed to approximately $3.12 billion, a YoY increment of 58.27%. The net operating cash flow positioned at around $4.78 billion, reflecting an 82.39% YoY ascent.
• On July 27, 2023, a monumental agreement was inked between EVE Energy and Energy Absolute Public Company Limited (“EA”). This collaboration envisions spawning a joint venture in Thailand, aiming to birth a battery production base with a minimum capacity of 6GWh. The proposed JV would be structured with EA securing a 51% stake and EVE Energy the remainder 49%. Profit dividends are projected to be evenly split at 50:50.

Notable Orders and Collaborations:

• June 2023 witnessed the company securing twin landmark energy storage battery orders. On June 14, a pact was forged with Powin to supply 10GWh of square iron phosphate lithium batteries. The subsequent day heralded another major deal with American Battery Solutions (ABS) for the supply of 13.389GWh of identical batteries. Notably, Powin is a global behemoth in energy storage solutions, with projects spanning over 870MWh fully operational or under construction and another gargantuan 1594MWh slate for imminent execution. This marked the duo’s second rendezvous after their August 2021 agreement for a two-year supply of 0.145GWh iron phosphate lithium batteries.
• Product-wise, the previous year witnessed the unveiling of EVE Energy’s avant-garde square iron phosphate lithium LF560K energy storage battery. This gem boasts of a 560Ah ultra-large capacity, 1.792kWh energy quotient, and a lifespan exceeding 12,000 cycles. Its associated energy storage station is competitively priced, making it a viable alternative to pumped storage power stations and serving the expansive energy storage market.

11. SK On Jiangsu Co.,Ltd

Situated in the burgeoning economic hub of Yancheng City, Jiangsu Province, SK On Jiangsu Co., Ltd. stands as a testament to global collaboration and technological advancement. Established in June 2019, this joint venture is the brilliant synergy of two giants: SK Group, the third-largest conglomerate in South Korea and a member of the prestigious Fortune Global 500, and Huizhou Eve Energy Co., Ltd., a global powerhouse in lithium battery technology. Commanding a registered capital of $1.217 billion, the company has invested a colossal sum of $2.01 billion to craft two state-of-the-art new energy vehicle power battery production bases. Spanning 605 acres, with a combined production capacity of 27GWh, SK On Jiangsu Co., Ltd. has cultivated a vibrant community of over 1,700 employees.

Global Expansions and Collaborations

1. European Footprint: Extending its global outreach, SK On is establishing its third battery factory in Iváncsa, situated in the Kőzép-Dunántúl region of Hungary. The European Union Commission’s confirmation of the state aid amounting to €209 million affirms the plant’s ambitious vision. This factory is projected to amplify the annual production capacity to 30GWh.
2. A Strategic Partnership with Ford: In a groundbreaking collaboration, SK On and Ford birthed the joint venture battery company, BlueOval SK, on July 13, 2022. Recognizing the skyrocketing demand, Ford estimates its North American battery requirements to surge to 140GWh by 2030, with a global demand of 240GWh. Most of this mammoth demand will be catered to by SK On’s factories and Blue Oval SK. Nestled in Georgia, USA, SK On has embarked on a $2.6 billion investment to set up two factories for BlueOval SK. With production capacities of 9.8 GWh and 11.7 GWh respectively, these factories promise a combined output of 21.5GWh, slated to be operational between 2022 and 2023.
3. Rising Global Capacities: Combining the capacities of BlueOval SK’s three factories and SK On’s two in Georgia, the company’s annual production in the USA alone surpasses 150GWh. From a present global battery capacity of 40GWh per annum, SK On is poised to catapult to 77GWh by 2022, 220GWh by 2025, and a staggering 500GWh by 2030.

A Glimpse into the Future SK On Jiangsu Co., Ltd.’s trajectory is not merely about numbers but a profound vision. The company is driven by an unyielding mission: to ascend as the global leader in power battery production. With relentless innovation, strategic collaborations, and a commitment to sustainability, SK On is not just shaping the future of energy – it is becoming the future of energy.

12. CALB Group.,Ltd

CALB Group, Ltd. is a top company that makes cool things like lithium batteries, battery management systems, and more! They aim to be the best at making batteries and energy solutions for all kinds of uses, especially for great car companies all over the world.

Achievements: In June 2023, CALB Group had a record month! They made a huge amount of power batteries, reaching 2.9GWh in just one month. That’s like filling up a lot of electric cars! Also, their new energy car batteries reached a high of 2.8GWh. This company is surely growing fast!

How are they doing financially?

Up to June 30, 2023, CALB Group shared some exciting numbers:

• Their total worth grew by 10.9% from last year, reaching around $150.42 billion.
• Their net worth went up by 8.0% to about $67.36 billion.
• Their sales for the six months were about $18.44 billion, which is a 34.1% increase from last year.
• Their net profit was around $399 million, going up by a big 60.8% from last year.

What products do they have?

Three-element Power Products:

1. 400V 2C Middle Nickel High Voltage Battery: This battery charges super-fast! It can charge from 20% to 80% in just 18 minutes.
2. 800V 3C/4C Middle Nickel High Voltage Battery: Even faster, this battery can charge from 20% to 80% in only 10 minutes!
3. 800V 6C High Nickel Battery: This is a special round battery by CALB. It charges super fast and helps cars run longer.
4. High Energy Nickel Battery: This battery is very strong and safe. It can be used many times without getting weak.
5. Ultra High Energy Semi-Solid State Battery: This is a very powerful battery. It has a perfect balance of energy, power, and safety.

Phosphate Series Power Products:

1. High Power Iron Lithium Battery: This is a special battery made for hybrid cars. It helps cars run from 80km to 300km.
2. High Energy Iron Lithium Battery: This battery is thin, light, and very efficient. It’s leading the way in new battery shapes and sizes!
3. 800V 3C Fast Charge Iron Lithium Battery: This battery charges super-fast and is a great solution for electric cars.
4. One-Stop Iron Lithium Battery: This is a powerful battery pack that helps cars run up to 600km.
5. One-Stop High Manganese Iron Lithium Battery: This battery is special because it doesn’t use certain metals. It supports more than 700km of travel!

13.Gotion High-Tech Co.,Ltd

Gotion High-Tech Co., Ltd., commonly known as Gotion, is a prominent player in the new energy vehicle battery sector. With a profound experience in technology and product development, Gotion lives by the principle of “product is king.” They take pride in offering a holistic production system, covering everything from cathode materials, battery production, PACK assembly, BMS systems, to energy storage battery groups and high-efficiency energy products.

One of their notable achievements is in the area of iron phosphate (LFP) battery technology. They have successfully upgraded their products to offer a single cell energy density, increasing from 180Wh/kg to 190Wh/kg. Besides, Gotion has taken up a significant tech project by China’s Ministry of Science and Technology aimed at achieving a high energy density of 300Wh/kg and has developed a ternary 811 soft-packed battery.

Expanding Horizons: Gotion in the USA

Gotion has announced plans to establish a lithium battery project in Manteno, Illinois. Entrusting this massive project to its wholly-owned subsidiary, Gotion, Inc., the company will be investing a whopping $20 billion (equivalent to around 147 billion yuan) for this endeavor. The factory, focused on lithium-ion battery and battery pack production and energy system integration, is projected to produce 10GWh of lithium-ion battery packs and 40GWh of lithium-ion battery cells once operational. Production is expected to kick off in 2024.

In October 2022, Gotion received approval to set up a battery materials production factory near Big Rapids, Michigan, with a projected total investment of $23.64 billion. By 2030, this facility is expected to annually produce 150,000 tons of battery cathode materials and 50,000 tons of anode materials.

Fast forward to June 2023, the U.S. Federal Government granted permission for Gotion to continue its construction in Michigan, complemented by an incentive program worth $715 million provided by the state of Michigan.

These developments signify Gotion’s commitment to establishing an integrated supply layout in the U.S., spanning from raw materials to batteries. With a combined investment of around $43.64 billion, Gotion stands out as the top Chinese power battery enterprise investing in the U.S. Furthermore, Gotion has six overseas battery project bases in total.

Gotion’s Global Footprint

In Europe, Gotion has three sites:

1. Göttingen production base with a planned capacity of 20GWh, which, as of September, already had its first battery production line in operation. Deliveries to European clients are expected to start in October.
2. Salzgitter factory, a collaboration with Volkswagen.
3. A recent partnership with Slovak battery manufacturer InoBat, aiming to jointly establish a factory with a capacity of 40GWh for cells and packs.

In Southeast Asia, Gotion has two bases:

1. A joint venture with Vietnam’s VinGroup to construct Vietnam’s first LFP battery factory (Phase one: 5GWh).
2. A pact with Singapore’s Gotion and NuovoPlus to set up a lithium-ion battery PACK base in Thailand. This facility’s first production line is anticipated to be operational by the end of the year, supplying to the market.

According to Gotion’s projections, by the end of 2025, the company will have a total capacity of 300GWh, with overseas capacities estimated around 100GWh. Apart from the outlined projects, Gotion also plans to team up with Tata Motors to delve into the Indian lithium battery market.

Recently in June, rumors surfaced about discussions between the Moroccan government and Gotion regarding the establishment of an EV battery factory in Morocco. The potential production capacity might reach 100GWh, with an investment that could soar up to $63 billion.

14. Sunwoda Electronic Co., Ltd.

Established in 1997 in Shenzhen, Gotion High-Tech Co., Ltd. has come a long way in over two decades. Initially founded as a local enterprise, the company has blossomed and grown. Today, it stands tall as a global frontrunner in the realm of lithium-ion batteries. But that’s not all. Over the years, Gotion has diversified and expanded its horizons. Now, the company proudly boasts of six major industrial groups: 3C consumer batteries, smart hardware products, power batteries and powertrains, energy storage systems and comprehensive energy, automation and intelligent manufacturing, and laboratory testing services. With such a vast portfolio, it’s clear that Gotion is not just about batteries. They are deeply committed to providing green, swift, and efficient integrated new energy solutions to clients worldwide.

Central to Gotion’s business is its expertise in the research and development of lithium-ion battery modules. This focus is evident in their primary product – the lithium-ion battery module. Designed with precision and engineered for excellence, these modules are a testament to Gotion’s commitment to quality and innovation.

Gotion’s Milestones and Achievements

The year 2022 was particularly significant for Gotion. First and foremost, they secured prestigious orders from global automotive giants like Volkswagen and Volvo. This was a clear indication of the trust and confidence leading brands placed in Gotion’s capabilities. Moreover, on February 8th of that year, Gotion began supplying ternary lithium batteries for the new car model L8 Air by Ideal Automobile. Such collaborations show the company’s growth trajectory and the increasing demand for its products.

During 2022, Gotion was not just content with its current standing. They aggressively unveiled several power battery deployment plans, targeting a total production capacity of 130GWh. By the close of the year, their cumulative planned expansion for electric vehicle battery production reached an impressive 240GWh. And to support these ambitious plans, the company proposed an investment surpassing a massive 1,000 billion yuan (translated to US dollars based on the prevailing exchange rate).

Let’s delve into some global context to understand the scale of Gotion’s operations. In 2022, the global installed capacity for power batteries was approximately 517.9GWh, marking a staggering 71.8% increase year-on-year. Amidst this surge, Gotion’s installed capacity shot up to 9.2GWh, reflecting a whopping 253.2% growth compared to the previous year. Such exponential growth is a testament to the company’s dedication, resilience, and ability to adapt to a rapidly evolving market.

Fast forward to March 2023, Gotion’s achievements continued to pour in. Their power battery installation volume ranked 6th in China, successfully surpassing LG New Energy. This milestone showcases Gotion’s competitive edge and its emerging dominance in the Chinese market.

15. Farasis Energy (GanZhou) Co.,Ltd

Established in 2009, Gotion High-Tech Co., Ltd., also known as Zuneng Tech (Ganzhou) Co., Ltd., stands tall as one of the global leaders in ternary soft-packed power batteries. From its inception, the company has dedicated its resources and energy to the research, production, and sales of new energy vehicle power battery systems and energy storage systems. Moreover, Gotion’s primary mission revolves around providing innovative and environmentally friendly energy solutions to the global new energy applications sector.

Capacity and Production

As of now, Gotion High-Tech boasts a remarkable battery production capacity of 21GWh. Diving deeper into the numbers, this capacity comprises 16GWh from the first and second phases of the Zhenjiang base combined. In addition, there’s an impressive 5GWh production capability from their Ganzhou factory. Such robust production figures highlight the company’s robust infrastructure and commitment to catering to the global energy demand.

Innovative Product Range

Gotion is not just about capacity; innovation is at its core. The company has already mass-produced batteries with an energy density of 285Wh/kg. But they aren’t stopping there. They are on the cusp of industrializing batteries with a high energy density of 330Wh/kg. And if you think that’s impressive, consider this: they have reserved battery technology of 350Wh/kg and are currently researching and developing batteries with a whopping 400Wh/kg.

Safety and Rapid Charging: Leading the Charge

When it comes to battery safety and fast charging, Gotion is in a league of its own. It has the distinction of being the first company in China to introduce a mass-producible 800V supercharging and overvoltage platform battery technology. A testament to their technological prowess is the fact that their produced batteries have achieved a 2.2C charging cycle life and can endure 3000 cycles while maintaining a capacity retention rate of ≥85%. And to top it off, their batteries come with a warranty that extends beyond 500,000 kilometers.

Collaborations and Milestones

Back in November 2018, Gotion achieved a significant milestone. They secured a power battery supply contract with Daimler for the period 2021-2027. This agreement is monumental, with a total power battery scale reaching a staggering 170GWh.

To understand Gotion’s global influence, consider the 2022 statistics: out of the global power battery installation volume, Gotion contributed 7.4GWh, reflecting a mammoth year-on-year growth of 215.1%.

Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.