(Yicai Global) Feb. 1 -- Eve Energy’s shares gained after the major Chinese power battery maker said it will invest a further CNY10.8 billion (USD1.6 billion) to expand production capacity of lithium batteries at its Jingmen base in central China.

After jumping by as much as 4.5 percent following the start of morning trading, the stock [SHE: 300014] ended today 2.3 percent higher at CNY90.05 (USD13.35).

Eve Energy will ink an investment deal with the Jingmen High-Tech Industrial Development Zone to expand the capacity of its base in the city by 60 gigawatt-hours, thereby boosting the company’s influence and competitiveness in the industry, the Huizhou-based firm said late yesterday.

Eve Energy's lithium battery production base in Jingmen, located along the middle reaches of the Yangtze River, has 72.5 GWh of annual capacity. Since June 2021, the firm has made public several big investment plans to expand its output. When under-construction projects wrap up this quarter, the base's capacity will rise to 152.61 GWh, Jingmen Daily reported in December.

Yesterday’s announcement followed one on Jan. 18 in which Eve Energy said it would invest CNY15.5 billion to build two new lithium battery plants in Jianyang, Sichuan province and in Qujing, Yunnan province, with total annual output of 43 GWh.

Editor: Martin Kadiev