(Yicai) Sept. 22 -- Shares of Jee Technology advanced after the Chinese supplier of intelligent production equipment for power batteries and motor parts for electric vehicles said it received a CNY451 million (USD61.7 million) order from Volvo.

Jee [SHA: 688162] closed 3 percent up at CNY34.63 (USD4.74) in Shanghai today.

Jee signed an agreement with Volvo’s unit Daqing Volvo Car Manufacturing to build a turnkey assembly line for battery packs for the client’s plant in northeastern China’s Daqing, the Anhui province-based company announced late yesterday.

The project will not significantly benefit Jee’s performance this year but will have a positive impact on its future development, the firm added, without disclosing any further details.

Volvo’s Daqing plant produces two fuel car models, the S60 and S90. But according to a recent plan by the Swedish premium carmaker owned by China’s Geely Holdings Group, the plant will begin the production of pure electric sports utility vehicle EX90 next year and other EV models in the future.

Chinese battery giants Contemporary Amperex Technology and Gotion Hi-Tech, as well as carmakers Beijing Benz Automotive, SAIC-General Motors, Volkswagen Anhui, and BYD, are among Jee’s clients, according to the company’s latest annual report.

Editor: Futura Costaglione