(Yicai) June 21 -- Eve Energy will provide US energy storage solutions provider Powin with energy storage batteries, which are used by grids, households and telecoms firms to store power, for the next three years as the Chinese battery giant continues to expand its overseas footprint.

Eve Energy’s subsidiary in Wuhan, central Hubei province will supply Powin with battery cells and packs, Huizhou-based Eve Energy said yesterday, citing the deal penned by the two parties that day. Payment will be made according to the principles set by the agreement.

The two sides will further draw up the master contract for the sale of Eve Energy’s high-density battery packs and lithium iron phosphate battery packs or battery packs with higher energy densities, to Tualatin-based Powin, it added. No further details, such as the purchase volume and the value of the deal, were mentioned.

Eve Energy was the third-largest energy storage battery manufacturer in the world last year, producing 26.2 gigawatt-hours, and yet overseas sales only made up 27.2 percent of its total revenue.

Energy storage batteries accounted for 33.5 percent of the firm’s 2023 revenue, while power batteries, which are used in electric cars, made up 49.1 percent, according to its annual report.

The news failed to buoy Eve Energy’s stock price. The company's share price [SHE:300014] closed down 1.3 percent at CNY41.51 (USD5.72) apiece today.

Editor: Kim Taylor