EVE Energy plans to list on HKSE
Chinese energy storage product manufacturer EVE Energy has submitted an application for an H-share listing on the Main Board of the Hong Kong Stock Exchange. According to its filing, the company reported revenues of RMB 36.304 billion ($5.06 billion), RMB 48.784 billion ($6.81 billion), and RMB 48.615 billion ($6.78 billion) for fiscal years 2022, 2023, and 2024, respectively. Adjusted net profits for the same periods were RMB 4.297 billion ($599.7 million), RMB 4.977 billion ($694.6 million), and RMB 4.145 billion ($578.5 billion). The company’s energy storage battery shipments grew from 11.9 GWh in 2022 to 26.3 GWh in 2023 and reached 50.4 GWh in 2024.
While the company hasn’t disclosed the exact fundraising amounts yet, it has revealed that it plans to use the proceeds to support the development of its production bases in Hungary and Phase III of its Malaysia plant. The Malaysia project, with a planned annual capacity of 38 GWh, will focus on energy storage batteries and is scheduled to begin construction between 2025 and 2026, with completion expected within approximately 2.5 years. The Hungary plant, already under construction, is designed to supply cylindrical battery cells to a major international automaker, with a planned capacity of 30 GWh and targeted for commissioning in 2027.
According to the filing, EVE Energy ranked 2nd globally in energy storage battery shipments in 2024 with a 17.2% market share and was ranked 1st worldwide in residential storage battery cell shipments.
