(Yicai Global) Jan. 17 -- Chinese battery giant Contemporary Amperex Technology said it will launch its first battery swap brand for electric vehicles tomorrow.

Named Evogo, from a combination of the words ‘evolution’ and ‘go,’ the new service will be available to all carmakers, Ningde-based CATL said in a statement posted to WeChat on Jan. 15.

CATL is the latest Chinese company to launch such a service following others from EV startup Nio, major utility State Power Investment Corporation, and energy project developer GCL Energy Technology.

EV battery swapping enables car owners to instantly change a depleted power pack for a fully charged one at a swapping station. Its saves time and money for owners, since a large part of an electric car’s cost is in the battery.

Nio had 733 battery swap stations in China as of Dec. 18 and plans to reach 1,300 next year, founder Li Bin said on Dec. 18. The Shanghai-based automaker expects to own and operate more than 4,000 in over 25 countries and regions by the end of 2025, he said.

China’s Ministry of Industry and Information Technology also announced in October the start of a government-backed battery swapping pilot program in 11 cities, including Beijing and Chongqing, to support the construction of more than 1,000 swap stations able to service more than 100,000 EVs of all types.

Editor: Futura Costaglione