In London An electric-vehicle battery facility in Europe will be jointly built by Chinese battery manufacturer Gotion High Tech and Slovak battery startup Inobat by 2026, with an initial output of 20 gigawatt hours (GWh).
The facility's construction will start in 2024, and Inobat CEO Marian Bocek stated in a statement that output can then be steadily raised after the unit starts full production in 2026.
The firms are deciding on a location for the factory, with many European nations under consideration, according to Bocek.
Little over two weeks ago, the businesses announced that Gotion would acquire a 25% investment in Inobat and help the startup with supply chain and technological support as it grows up the production of EV batteries.
Gotion's top shareholder is Volkswagen Group and it has an "exclusive contract with VW to supply EV batteries outside of China," Inobat and the Chinese battery maker said on Monday.
Gotion is also building a $2.36 billion battery plant in Michigan and a $2 billion plant in Illinois.
Few firms have attracted continuing investment in Europe's efforts to develop its own EV battery industry and lessen reliance on leading Asian battery makers as funding for startups has dried up due to high interest rates and economic uncertainties.
By 2026, a 20 GWh battery plant in Europe will be built by companies funded by VW.
Meanwhile, the French battery company Verkor revealed last week that it has acquired funding for the construction of a gigafactory close to Dunkirk in the amount of over 2 billion euros ($2.13 billion).
Moreover, Inobat has inked agreements for the construction of EV battery plants with the governments of Spain and Serbia, and it now operates a test battery production line in Slovakia.
-By Jesse Chang |thetransporteronline24 | Canada
