Liu Jincheng, chairman of EVE Energy, addresses the launch ceremony on June 11. [Photo/WeChat account of Optics Valley of China]

Wuhan EVE Xingsheng Energy Co Ltd, a subsidiary of EVE Energy Co Ltd, formally launched operations on June 11 in the financial valley of the East Lake High-tech Development Zone – also known as Optics Valley of China – located in Wuhan, capital city of Central China's Hubei province.

With a market value of about 200 billion yuan ($31.14 billion), EVE Energy was established in 2001 and is engaged in the research, development and manufacturing of lithium batteries.

After 20 years of rapid development, it has become a globally competitive, high-quality lithium battery manufacturer, possessing core technologies and comprehensive solutions for consumer batteries and electric vehicle power batteries.

The subsidiary plans to set up an energy storage technology research institute and a testing center in Optics Valley, to conduct R&D.

Company chairman Liu Jincheng told the ceremony his company plans to integrate its resources to develop the subsidiary into a leading industry supplier of energy storage technology and solutions.

At present, Optics Valley has two leading industries – the optoelectronics information sector and the life and health industry.

Now it is reportedly also exploring development in the new energy industry, including automobile charging, battery replacements and hydrogen energy.

Products from EVE Energy are displayed on June 11. [Photo/WeChat account of Optics Valley of China]