Battery Production

Chinese battery manufacturer Gotion High-tech and Slovakian battery start-up InoBat will jointly build a battery factory for electric vehicles in Europe with an initial capacity of 20 gigawatt-hours by 2026.

The first automated production line for battery packs at Gotion High-tech’s German facility in Göttingen was officially commissioned. The planned production capacity of 20 gigawatt-hours will be completed in four phases. By mid-2024, the actual production capacity is expected to reach five gigawatt-hours. Once fully operational, annual production value is expected to reach two billion euros.

French battery start-up Verkor secures over €2 billion to build its gigafactory in Dunkirk. The funding is made up of €850 million in capital increases from investors, which a French government source described as the largest capital raise ever for a French technology startup. In addition, 600 million euros will flow as a loan from the European Investment Bank (EIB) and 650 million euros in government subsidies, pending approval. After the capital increase, Australian infrastructure fund Macquarie and its French counterpart Meridiam will become Verkor’s two main shareholders. This capital increase also attracts new investors, including the Fonds Strategique de Participations (FSP), a grouping of seven French insurance companies that hold stakes in innovative industrial companies, and the maritime transport group CMA CGM, in addition to existing shareholders such as Renault and Bpifrance. Verkor’s gigafactory is expected to create 1,200 direct and 3,000 indirect jobs and begin production in mid-2025. It will have an initial production capacity of 16 gigawatt-hours per year, of which 12 gigawatt-hours are reserved for Renault. Renault’s share, an early supporter of Verkor, will be reduced from 24 percent to 10 percent in this new phase. The French automaker is expected to retain a seat on the board of directors, a source close to Renault said. Source: https://www.marketscreener.com/quote/stock/RENAULT-4688/news/Verkor-raises-2-bln-euros-for-Dunkirk-EV-gigafactory-44839261/

Chinese battery manufacturer Gotion plans to build a new $2 billion lithium battery factory in Manteno, Illinois. The factory will focus on the production of lithium-ion battery cells, battery packs, and the integration of energy storage systems. Located on an approximately 150-acre site, the facility will produce ten-gigawatt hours of lithium-ion battery packs and 40 gigawatt hours of lithium-ion battery cells per year when completed. The plant is scheduled to begin operations in 2024 and is expected to create 2,600 jobs. The state’s incentive package for Gotion, known as “REV” (Reimagining Energy and Vehicles), “Invest in Illinois” and other incentives totals $536 million. Under REV, Gotion will receive tax benefits totaling $213 million over a 30-year period. The agreement requires Gotion to make a minimum investment of $1.9 billion and create 2,600 full-time jobs paying at least 120% of the average wage of comparable jobs in Kankakee County. In addition, Gotion was approved by local officials for a 30-year property tax exemption. Source: https://www.illinois.gov/news/press-release.26993.html

Rimac Technology, a provider of high-performance automotive technology solutions, has partnered with EVE Energy. The Chinese company is pioneer of the 46xx cylindrical cell format.

Daimler Truck has entered into a partnership to produce battery cells for electric commercial vehicles and industrial applications in a US gigafactory worth up to three billion dollars.

Scania’s battery assembly plant in Södertälje has started operations. The 125-million-euro project is located close to the chassis assembly of the Swedish commercial vehicle and bus manufacturer.

Volkswagen partner Gotion High-Tech from China is acquiring a 25-percent stake in Slovakian battery company InoBat. Early in 2023, the two companies had already agreed on establishing a battery plant in Europe.

Porsche may be considering building its large battery cell factory in Brandenburg, Germany. Recently, rumors had circulated that Porsche might plan a move to North America.

Hyundai Motor Group and LG Energy Solution have decided to increase their investment in their 30-gigawatt-hour battery factory in Georgia, USA, by two billion dollars.