Eve Energy adjusts equity incentives, fully consolidates battery subsidiary

Eve Energy has announced adjustments and the fulfillment of vesting conditions for its third and sixth restricted stock incentive plans. The third plan sees 1,219 employees vest 3,436,879 shares at 74.44 yuan per share, while the sixth plan has 597 employees vesting 34,483,075 shares at 22.02 yuan per share. Concurrently, the company is canceling a total of 14,473,958 restricted shares and 3,819,000 stock options across its third, fourth, and fifth incentive plans due to employee departures or unfulfilled performance targets.

In a related move, Eve Energy’s subsidiary, EVE Power Hong Kong, will exchange its 30% stake in SK New Energy (Jiangsu) for SK On Co.'s 49% stake in Huizhou EVE Battery Energy. This exchange, valued at 2,107,947,302.00 yuan, will result in Eve Energy indirectly holding 100% of Huizhou EVE Battery Energy, strengthening its control over the subsidiary. The company has also approved providing guarantees totaling 219,000 yuan for subsidiaries, bringing the total guarantee amount to 189.85% of its 2024 net assets.