EVE agrees 50 GWh battery cell supply deal with Hyperstrong

Beijing-based HyperStrong Technology has signed a strategic cooperation agreement with EVE Energy’s subsidiary, Hubei EVE Power, securing a long-term supply of 50 GWh of battery energy storage system cells between 2025 and 2027. The exact procurement volume will be determined through subsequent contracts.

The three-year deal is valued at approximately CNY 20 billion ($2.8 billion), marking a record-breaking transaction for both companies.

EVE Energy, which reported energy storage battery shipments of 35.7GWh in the first three quarters of 2024, had set an annual shipment target of 50 GWh for the full year. This latest deal with HyperStrong effectively matches its 2024 annual sales target, underlining the scale of the agreement.

HyperStrong is a leading energy storage system integrator, with projected revenue for 2024 of approximately CNY 8.5 billion ($1.2 billion), according to its IPO filing. With battery cell procurement its largest cost component, the three-year commitment to EVE will significantly reshape its supply landscape.

The agreement also marks the culmination of HyperStrong’s transition away from CATL as its primary supplier. HyperStrong’s IPO prospectus revealed that in 2022, CATL supplied 81% of the company’s total battery cells. By 2023, CATL’s share had fallen to 63%, while EVE had secured a foothold with a 7.8% share. By the first half of 2024, EVE had overtaken CATL, accounting for 35% of HyperStrong’s battery procurement costs, while CATL’s share had dwindled to 21%.

According to HyperStrong, the latest deal goes beyond battery cell supply and includes deeper collaboration on multiple fronts. The companies plan to maintain and expand their strategic partnership, jointly developing overseas markets and exploring further cooperation in production capacity, positioning themselves for future industry opportunities and challenges.

EVE Energy said that the partnership would leverage both companies’ strengths in technology, supply chain, and market reach. The two firms aim to establish a highly integrated industry resource-sharing platform to enhance efficiency, accelerate knowledge exchange, and create greater economic value.

Industry data reflects the shifting dynamics of the energy storage sector. According to InfoLink Consulting, HyperStrong ranked among the top three global energy storage system integrators in the first half of 2024, alongside CATL and BYD. Meanwhile, the China Energy Storage Alliance (CNESA) reported on January 15, 2025, that EVE Energy ranked second globally in energy storage battery cell shipments for 2024.