Investors inject billions into Svolt

Chinese Company Svolt, an EV batteries manufacturer, has raised just over ten billion yuan (€1.3 billion) in a recently closed venture round. The funds are in addition to 450 million euros in existing capital from an earlier financing round. The company plans to invest it into the development of advanced batteries, among other things. It is also earmarked for the construction of new plants in China and will also benefit its ongoing project in Germany (as reported by China.Table). The company aims to establish a global production capacity of 200-gigawatt hours by 2025. By comparison, Volkswagen plans to build up production capacities of 240-gigawatt hours by 2030. fin