Chinese battery manufacturer Gotion High Tech and Slovak battery startup Inobat have announced their joint plans to establish an electric vehicle (EV) battery factory in Europe by 2026. The factory, which is expected to have an initial output of 20 gigawatt hours (GWh), will commence construction in 2024.
Just two weeks ago, Gotion acquired a 25% stake in Inobat, forging a partnership between the two companies. Gotion, which enjoys the backing of Volkswagen, has an exclusive contract with the automaker to supply EV batteries outside of China.
According to statements from Inobat CEO Marian Bocek, the companies are currently in the process of finalizing a location for the factory and are considering several European countries as potential options. Once operational in 2026, the factory’s output can be gradually increased.
Europe has been striving to develop its own EV battery industry in an effort to reduce its dependence on Asian battery manufacturers. However, securing continued investment has proven challenging for startups in the region due to high interest rates and economic uncertainty.
This recent announcement follows other significant developments in the European EV battery industry. Swedish lithium-ion battery producer Northvolt recently secured $1.2 billion in funding, and French battery startup Verkor received over €2 billion to construct a gigafactory in Dunkirk.
In addition to its pilot battery production line in Slovakia, Inobat has also signed agreements with the governments of Spain and Serbia to establish EV battery plants.
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– Article: auto.economictimes.indiatimes.com