Sixty hectares battery gigafactory to be built in China

KUALA LUMPUR, Oct 17 (Bernama) – A sixty hectares battery gigafactory will be constructed in the Yangtze river Delta, China with estimated total investments at €1.6 billion (RM7.68 billion). (€1 = RM4.80)

Dutch energy storage and battery company, Lithium Werks B.V. and Chinese Zhejiang Jiashan Economic and Technological Development Zone Industry Corporation have signed a framework agreement to construct the gigafactory.

According to a statement, the agreement was signed in the presence of the Chinese Premier, Li Keqiang and Dutch Prime Minister, Mark Rutte recently.

It marks Lithium Werks’ plan to build multiple gigafactories across the world as part of a 15-to-20-year program that mirrors the long-term business models of the wind and solar industry.

The Lithium Werks factory and related facilities will produce battery cells for lithium-ion batteries, enabling the energy transition from fossil fuels to clean energy in order to reduce CO2 emissions.

The company expects to have installed production capacity of 500 GWh per annum by 2030 as it continues to contribute to shift to a carbon neutral world.

Lithium Werks said during the next decade alone, the demand for lithium-ion batteries will grow tenfold – industry will need to respond by constructing factories to deliver capacity in excess of 10,000 GWh in the next three decades.

“We are grateful and happy to work with our Chinese partners, the first to support our strategy to have a factory in their country. Speed of execution is key as is evidenced by building permit and other regulatory processes in China being completed within 100 days,” said chairman of the board, Lithium Werks, Kees Koolen.

Koolen added that other countries and partners are invited to take up the dialogue in order to accelerate the roll out in other locations.

Lithium Werks is committed to providing energy storage solutions that make electricity generated from renewable energy available when consumers need it, thus facilitating the global transition from fossil fuels to clean energy. More details on www.lithiumwerks.com

-- BERNAMA