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Volkswagen, Gotion Expand Battery Production Across Europe, North Africa
(MENAFN) Volkswagen and Chinese battery producer Gotion High-tech plan a major investment in battery and materials manufacturing across Europe and North Africa, aiming to establish a regional supply network serving the European market.
The companies plan to invest €3.22 billion ($3.66 billion) through three joint ventures located in Valencia, Spain, Surany, Slovakia, and Kenitra, Morocco. Gotion is set to contribute about €1.598 billion to the projects.
The facilities in Spain and Slovakia will manufacture battery cells, while the Moroccan operation will produce cathode materials used in lithium iron phosphate batteries.
Volkswagen’s battery unit PowerCo will hold a 51% stake in the Spanish venture, with Gotion owning the remaining 49%. In Slovakia and Morocco, Gotion will control 51% of each partnership, while PowerCo will hold the rest.
The Valencia facility is expected to reach annual battery production capacity of 29.1 gigawatt-hours. The Slovak plant is planned to produce 8.4 gigawatt-hours annually.
The Moroccan facility is designed to manufacture 100,000 metric tons of lithium iron phosphate cathode materials each year, with much of its output intended to supply the two European battery plants.
The companies plan to implement the investment in stages as they develop the regional production network.
The companies plan to invest €3.22 billion ($3.66 billion) through three joint ventures located in Valencia, Spain, Surany, Slovakia, and Kenitra, Morocco. Gotion is set to contribute about €1.598 billion to the projects.
The facilities in Spain and Slovakia will manufacture battery cells, while the Moroccan operation will produce cathode materials used in lithium iron phosphate batteries.
Volkswagen’s battery unit PowerCo will hold a 51% stake in the Spanish venture, with Gotion owning the remaining 49%. In Slovakia and Morocco, Gotion will control 51% of each partnership, while PowerCo will hold the rest.
The Valencia facility is expected to reach annual battery production capacity of 29.1 gigawatt-hours. The Slovak plant is planned to produce 8.4 gigawatt-hours annually.
The Moroccan facility is designed to manufacture 100,000 metric tons of lithium iron phosphate cathode materials each year, with much of its output intended to supply the two European battery plants.
The companies plan to implement the investment in stages as they develop the regional production network.
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