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    300750   CNE100003662


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CATL Launches Battery Swap Solution EVOGO Featuring Modular Battery Swapping

01/18/2022 | 03:11am EDT
  • CATL's subsidiary CAES has rolled out EVOGO, its innovative modular battery swap solution, which includes battery blocks, fast battery swap stations, and an app
  • EVOGO's features include high compatibility with vehicle models, need-based battery rental, and complementarity with fast charging and household charging
  • Initially, 10 cities will be selected to offer EVOGO services

NINGDE, China, Jan. 18, 2022 /CNW/ -- On January 18, Contemporary Amperex Energy Service Technology Ltd. (CAES), a wholly-owned subsidiary of Contemporary Amperex Technology Co. Ltd. (CATL), rolled out its battery swap solution EVOGO featuring modular battery swapping at its first online launch event. Comprised of battery blocks, fast battery swap stations and an app, EVOGO will be first launched in ten cities, said Chen Weifeng, general manager of CAES. 

Innovative Modular Battery Swap Solution Injects New Life into Market

To solve the problems of range anxiety, inconvenience of refueling, and high total cost of ownership, CAES rolled out its innovative modular battery swap solution on Tuesday's online launch event. Based on the separation of vehicle and battery, CAES considers the battery as a shared product, creating a whole new experience for the market.

Designed to look like a bar of chocolate, "Choco-SEB (swapping electric block)" is a mass-produced battery specially developed for EV battery-sharing. It boasts the advantages of high-energy density with small size, flexible combination and minimalist design.

With the support of the latest CTP (cell to pack) technology, it can achieve a weight energy density of over 160 Wh/kg and a volume energy density of 325 Wh/L, enabling a single block to provide a driving range of 200 km.

Meanwhile, the Choco-SEB is compatible with 80 percent of global BEV platform-based vehicle models available on the market, and all BEV platform-based models to be released in the next three years globally. Customers are free to take one to three blocks to meet different range requirements at swap stations.

Furthermore, equipped with wireless BMS technology, the trailblazing Choco-SEB does not have any parts on its exterior except the high-voltage positive and negative terminals, which significantly increases the reliability of plugs.

The battery swap station highlights high compatibility, need-based battery rental, and complementarity with charging services. With a footprint equivalent to three parking spaces, a standard EVOGO battery swap station can house up to 48 Choco-SEBs and allows one-minute swapping for a single battery block, ensuring fully charged batteries for customers at any time without a long wait. Moreover, EVOGO offers a variety of swap stations to suit the climates of different regions. 

The app links customers with different modules of EVOGO, allowing the connection among customers, vehicles, stations and batteries, and provides other services as well.

High Compatibility, Need-Based Battery Rental, and Complementarity with Charging Services

Unlike conventional battery swap solutions, EVOGO has achieved two innovative modes of compatibility. Choco-SEB is designed to suit vehicles ranging from Class-A00, Class-B, and Class-C passenger cars to logistics vehicles. At the same time, the swap stations can match all vehicle models by different OEMs that use Choco-SEBs, allowing a free choice of vehicle models for battery swaps.

In fact, most car owners tend to purchase EVs of higher power capacity in order to alleviate range anxiety, although only 10 to 20 percent of the total capacity is usually needed for daily use. They have paid a high sunk cost for a power capacity that is rarely needed.

To address the pain point, EVOGO allows customers to choose the number of battery blocks to rent according to their driving scenarios and habits.  Only one block is needed for inner city commuting, while for longer trips, customers can rent two to three blocks and swap them with one block after returning to the city.

Vehicles carrying Choco-SEBs supports both charging and battery swapping for power refueling. Together with the existing household charging and fast charging, EVOGO helps provide all-scenario power refueling solution.

Initially Launched in 10 Cities to Usher in the Era of Energy Freedom

CATL's corporate vision includes striving to be a global premier innovative technology corporation, and delivering excellent contribution to green energy resolution for mankind. The establishment of CAES helps CATL complete the closed loop of battery life cycle value chain that ranges from development, manufacturing, using to recycling, offers a whole new driving experience for NEV customers, and promotes electric mobility and the efficient use of resources.

CAES also unveiled the first member of the EVOGO family, the modular battery swap version of Bestune NAT at the event, and more vehicle models that can enjoy EVOGO's ervice will be launched in the future.  To make a start, 10 cities will be selected to offer EVOGO services.

About CATL

Contemporary Amperex Technology Co., Limited (CATL) is a global leader in new energy technology innovation, committed to providing premier solutions and services for new energy applications worldwide. In June 2018, the company went public on the Shenzhen Stock Exchange with stock code 300750. According to SNE Research, in the year 2020, CATL's EV battery consumption volume ranked No.1 in the world for four consecutive years. CATL also enjoys wide recognition by global OEM partners. To achieve the goal of realizing fossil fuel replacement in stationary and mobile energy systems with highly efficient electrical power systems that are generated through advanced batteries and renewable energy, and promote the integrated innovation of market applications with electrification and intelligentization, CATL maintains continuous innovation in four dimensions including battery chemistry system, structure system, manufacturing system and business models.
For more information, please visit http://www.catl.com

About CAES

Contemporary Amperex Energy Service Technology Ltd. (CAES) is an innovative tech company dedicated to providing convenient and reliable mobile power solutions and services. Based on the separation of vehicle and battery, CAES considers batteries as shared products and rolls out modular battery swap solutions and services to create greater experience for customers of new energy vehicles.

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SOURCE Contemporary Amperex Technology Co., Ltd.

© Canada Newswire, source Canada Newswire English

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Sales 2022 261 B 38 776 M 38 776 M
Net income 2022 20 807 M 3 088 M 3 088 M
Net cash 2022 76 848 M 11 406 M 11 406 M
P/E ratio 2022 47,6x
Yield 2022 0,15%
Capitalization 985 B 146 B 146 B
EV / Sales 2022 3,48x
EV / Sales 2023 2,58x
Nbr of Employees 83 601
Free-Float 45,8%
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Contemporary Amperex Technology Co., Limited Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Mean consensus BUY
Number of Analysts 29
Last Close Price 422,56 CNY
Average target price 566,14 CNY
Spread / Average Target 34,0%
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Managers and Directors
Jia Zhou General Manager, CFO & Director
Shu Zheng Chief Financial Officer
Ying Ming Wu Chairman-Supervisory Board
Yu Qun Zeng Chairman
Zu Yun Xue Independent Director
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