(JW Insights) May 10 -- Major Chinese power battery maker Eve Energy(亿纬锂能) made a deal with Hungary's local government to buy a piece of land in the country to build a battery factory, reported Yicai Global.

The operating entity Eve Energy set up in Hungary will buy 450,000 square meters of land in Debrecen for EUR12.9 million ($14.2 million) to build a cylindrical battery plant, announced the company based in Huizhou of southern China's Guangdong Province on May 9.

Eve Energy announced in March last year that it had reached a preliminary investment agreement with the Huangary's government of Debrecen to build its first European plant there.

The plant will cost EUR1 billion ($1.1 billion), aiming to fulfill German auto giant BMW's demand for lithium batteries, Reuters reported.

In the first quarter, Eve Energy reported RMB1.1 billion ($158.8 million) in net profit, up 119 percent from a year earlier.

Established in 2001, Eve Energy was listed on Shenzhen GEM in 2009. It is a competitive lithium battery company with core technologies and comprehensive solutions for consumer and power batteries markets in Internet of Things (IoT) and Energy Internet (EI).