The adaption of NCA batteries in the power tool market is growing steadily, increasing from 0.95GWh in 2016 to 171GWh in 2018. Taking into account that the power tool market consists entirely of cylindrical li-ion batteries, which is a perfect match for NCA chemistry system. We estimate that by 2020, the NCA production capacity will reach 2.44GWh, occupying more than 40% of market share. Currently the main suppliers of NCA battery manufacturer are Samsung SDI, LG Chem, Panasonic and Jiangsu Tenpower.
Tenpower’s major customers in the power tool industry includes Bosch, Stanley Black & Decker, Techtronics Industries etc. Power tools, due to its adverse working conditions, have high requirements for its battery cells, especially in criteria such as thermal tolerance, vibration adaptation and fast charging. Power tool battery cells have proven to be a great challenge for most battery cell manufacturer. Tenpower’s experience and know-how in the power tool battery manufacturing can be easily translated into future success in EV markets.
Tenpower has achieved a major breakthrough in its high rate 30A products, its 18650 series 1.5/2.0Ah-30A products have made a significant increase in product lifecycle and solved the problem of thermal ramping, the pulse discharge achieving over 100A current. This breakthrough stands to testify Tenpower’s position as a front runner in the global power tool market.
On April 3rd, Tenpower and Dayi M&E Tools signed a strategic procurement cooperation agreement, which states that Dayi will procure 150 million units of NCA cylindrical battery from Tenpower through 2019 to 2021. By the end of 2019, Tenpower will have established 4 high speed 18650 production line, according to people familiar with the matter. Furthermore, Tenpower will have two fully operational high speed 21700 production line by the end of 2020.
Jiangsu Tenpower has reported its annual results for 2018, setting a historical high at 990 million full-year revenue, up 45.99% YoY, accounting for 23.28% of the parent company’s annual revenue. After more than a decade of exploration and accumulation, Tenpower has established partnerships with prestigious companies across many industries including Bosch, Metabo, Stanley Black & Decker, Techtronics Industries, Electrolux and many more. Tenpower is in active bid for the market leader position for micro-mobility batteries, its NCA/Silicon products are based on the same technology as the batteries found in Tesla.