Chinese battery manufacturer EVE Energy shipped 67.52 GWh of energy storage batteries in the first nine months of 2026, up 39.46% year on year, according to its third-quarter financial report released on October 23.
Energy storage remained the company’s largest battery business by shipment volume, slightly exceeding its 66.17 GWh of electric vehicle battery deliveries, which increased 91.3% over the same period.
EVE shipped 44.46 GWh of storage batteries in the first half, implying third-quarter shipments of approximately 23.06 GWh, compared with 24.08 GWh in the second quarter. The sequential decline came despite continued growth in year-to-date shipments.
Large-format lithium iron phosphate (LFP) cells remain the mainstay of EVE’s storage portfolio. The company has expanded mass production and commercial deliveries of its 628 Ah Mr. Big prismatic cells, which are used in its Mr. Giant storage systems.
A 400-MWh project incorporating 628 Ah cells and 5 MWh DC storage units entered operation in China in January 2026. EVE has also developed a larger 702 Ah cell and a 6.9 MWh containerized system, with customer sampling underway.
To support demand, EVE is expanding manufacturing capacity across China and overseas. The company outlined plans in its first-half disclosures to develop approximately 260 GWh of additional large-format LFP battery capacity across several Chinese provinces, with projects to be implemented in stages according to market demand.
Its manufacturing network also includes a battery production facility in Malaysia, intended to support regional and international customers.
During an investor briefing on October 23, management said fourth-quarter production capacity was fully booked, and output was expected to increase sequentially. However, first-quarter 2027 delivery schedules had not yet been finalized.
EVE reported group revenue of CNY 73.39 billion ($10.79 billion) for the first nine months, up 63.08%, while net profit attributable to shareholders rose 86.11% to CNY 5.24 billion. Third-quarter revenue reached CNY 27.70 billion, with attributable net profit of CNY 1.94 billion.
The company said its overall gross margin improved sequentially in the third quarter, citing cost controls, reduced cost pressure from newly commissioned factories and adjustments to its customer and product mix.
For the first half, EVE separately reported energy storage battery revenue of CNY 15.09 billion and a segment gross margin of 12.51%. It has not disclosed a separate third-quarter profitability figure for its storage business.
International deliveries are expected to become a larger part of the company’s storage business in 2027. In September, EVE’s subsidiary Hubei EVE Power signed a five-year battery supply framework agreement with US-based storage integrator Fluence covering up to 206 GWh between 2027 and 2031. The arrangement includes approximately 16 GWh of committed deliveries in 2027 and 190 GWh of reserved capacity for 2028–2031.
Founded in 2001 and listed on the Shenzhen Stock Exchange, EVE Energy manufactures batteries for energy storage, electric vehicles and consumer applications. Industry shipment rankings place the company among the world’s three largest energy storage cell suppliers, alongside CATL and Hithium.
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