Battery Maker Phylion Gets Capital Injection from China’s Largest Tech Company
Lenovo Holdings is investing 57 million euro in Suzhou Phylion Battery Co. Ltd. Phylion is the largest lithium battery manufacturer in China; big in, among other products, e-Bikes. Lenovo Holdings is allocating
SUZHOU, China — Lenovo Holdings is investing 57 million euro in Suzhou Phylion Battery Co. Ltd. Phylion is the largest lithium battery manufacturer in China; big in, among other products, e-Bikes. Lenovo Holdings is allocating 17 million euro of its total investment of 57 million into the expansion of the Phylion production as well as the development of new products.
Phylion has since its founding in 2003 managed to acquire a 50% market share in China and 12% in Europe. As the largest lithium battery manufacturer in China, Phylion provides lithium batteries for e-Bikes, power tools and electric vehicles. To support its activities overseas, Phylion Battery has opened a European office in Arnhem, the Netherlands in January 2010. This office offers after sales (technical) services as well as business support.
“Deep into Europe is not enough. We also have to broaden our scope with new products and new markets in Europe. Developing smart batteries with the investments by Lenovo Holdings is priority and will enhance our leading position in lithium batteries”, said Tony Feng, general manager of Phylion e-Bike battery division.
Lenovo Holdings was already the largest PC maker in the world’s most populous country when it acquired IBM’s PC operations for approximately US$ 1.75 billion (1.3 bn euro). It remains a leader in China, but the company now has a global presence. Lenovo’s products include desktop and notebook PCs, workstations, servers, storage drives, and IT services. It also offers IT management software under the ThinkVantage name.
Lenovo’s principal facilities are in Beijing; Morrisville, North Carolina; and Singapore. It has research centers in China, Japan, and the US. Lenovo generates about half of its revenues in China and the greater Asia/Pacific region. In its 2010 fiscal year which ended in March, Lenovo Holdings recorded total sales revenues of US$ 16.6 billion (12.4 bn euro); 11.4% up on 2009. Net income was US$ 129.4 mn (98 mn euro).
With the BATSO certification as well as with the also earlier issued UN-T & EN15194 certifications, Phylion Battery is approved for all activities in the overseas markets while its products have been widely reviewed and assessed as having reliable quality.