Posted on 20 Aug 2024
China’s Ganfeng Lithium has announced a lithium battery joint venture in Turkey with local lead-acid battery manufacturer YIGIT AKU, Kallanish reports.
In a recent filing to the Shenzhen Stock Exchange, the lithium chemical giant says the project will have a total investment of $500 million and capacity to produce up to 5 gigawatt-hours of lithium batteries. Pack production capacity will be based on market conditions, Ganfeng says.
The cooperation framework agreement cites complementing capabilities and expertise. The JV will focus on advanced technologies such as solid-state batteries, high-power batteries, as well as batteries used in shipping and aerospace.
The transaction remains subject to Chinese regulatory approval. Ganfeng notes “uncertainty” on the timing of such approvals and the project start-up.
YIGIT AKU has four production bases and two battery R&D centres. With an export base of 100 countries, the company is the largest lead-acid manufacturer, exporter and recycler. Its existing portfolio includes lithium batteries for pallet trucks, forklift trucks, golf vehicles, cleaning machines and home storage systems.
The partnership with Ganfeng comes at a time of rising EV adoption and investment in Turkey. China’s leading EV maker BYD plans to establish a $1 billion EV plant in the country, with production starting at the end of 2026. The facility will produce 150,000 EVs annually, which will demand a steady supply of batteries.
Source:Kallanish
