Posted on 17 Dec 2024
Chinese battery firm Gotion High-tech announced its board has recently approved its plans to construct two gigafactories in Slovakia and Morocco, Kallanish reports.
In a statement filed on the Shenzhen Stock Exchange, the firm says it plans to invest €1.23 billion ($1.29 billion) in the project in Surany, Slovakia, and €1.28 billion in Morocco. The projects, targeting a gradual production capacity of 20 gigawatt-hours each, remain in the early stage of development.
In Morocco, wholly-owned subsidiary Gotion Power Morocco S.A has been established to implement the project. GIB EnergyX Slovakia s.r.o., another holding subsidiary of Gotion High-tech will implement the Slovakian project. Gotion GmbH owns an 80% stake in GIB EnergyX Slovakia s.r.o., and InoBat Auto jsa owns the remaining 20% stake. The latter is a Slovakian battery company, in which Gotion High-tech acquired a 25% stake.
The construction of the Morocco-based project is expected to last up to five years, and that of the Slovakia-based project is expected to last up to three years. The timeline for the estimated commissioning, however, was not disclosed.
“With the rapid development of the global new energy industry, the power battery market continues to grow,” the company says, noting the investment in Europe is key to further deepen its global strategic layout, promote international business development and meet overseas demand. Production will be targeted at European buyers.
The Moroccan project, to be located in the Rabat region, will be developed in stages, according to market demand.
Yet, Gotion High-tech also warns that the actual implementation of the projects remains subject to policy changes and regulatory approvals.
Source:Kallanish
