(Yicai Global) March 15 -- Shares in Shanghai SK Automation Technology surged by as much as 8.3 percent today after the Chinese intelligent equipment manufacturer said it has received orders worth CNY709 million (USD103.1 million) from Chinese battery giant Contemporary Amperex Technology and nine of its subsidiaries.

SK Automation’s share price [SHA:688155] was trading up 3.8 percent at CNY53.64 (USD7) as of 1.30 p.m. China time today. Earlier in the day it hit CNY55.95.

SK Automation has received procurement orders for different types of automated production equipment worth CNY709 million from CATL and nine of its units since the middle of November, the Shanghai-based company said yesterday. No further details regarding the supply volume, the type of equipment nor pricing were given.

The nine subsidiaries operate the Ningde, southeastern Fujian province-based firm’s many battery factories and one of them is its German unit CATL Thuringia.

The successful implementation of these projects will have a positive influence on SK Automation’s business performance this year, said the firm, which supplies car battery production lines to numerous clients, including battery makers CATL and Farasis Energy as well as the China joint ventures of German automakers Volkswagen and BMW.

Škoda Auto’s battery facility in the Czech Republic also uses machinery provided by SK Automation, according to the equipment maker’s 2021 earnings report.

Editor: Kim Taylor