YEO Technology: Establishment of Company Completed with 51% Stake from Reap Battery and 49% from Great Power

Foreks - YEO Teknoloji announced that the establishment of a company with a 51% share from Reap Battery and a 49% share from Great Power has been completed.

In the statement made to the public, it was noted: "It was publicly announced on July 29, 2024, that a company would be established between Reap Battery Technologies Inc., in which we hold a 100% stake, and Great Power, one of the world’s leading battery manufacturers listed as Tier-1 in the BNEF list. The establishment of the company with a 51% share from Reap Battery and a 49% share from Great Power has been completed.

With the partnership established with Great Power, which, founded in 2001, has a total capacity of 65 GWh across its 9 different facilities as of 2024, the energy storage systems produced at our facilities in Tuzla-Orhanlı will be marketed under the "ReapG" and "Great Power" brands, initially in Turkey and subsequently in strategic markets in the Middle East, Africa, Central Asia, and Europe.

Great Power is listed among the companies in the Tier-1 manufacturer list announced by Bloomberg New Energy Finance (BNEF).

Reap Battery, currently investing in battery energy storage systems with a capacity of 5 GWh at its facilities in Tuzla Orhanlı, has completed the construction of its factory, and the internal works for the production line are ongoing.

The manufacturing of the 5 GWh capacity production line, which has been adapted to Great Power technology and is ready for future technologies (the capacity previously achieved with 2 production lines will now be accomplished with a single production line), is ongoing, and mass production is expected to commence within 2025."