Gotion has signed a new cooperation agreement to work with two partners on energy storage and new material development in Spain.
Volkswagen-backed Chinese battery giant Gotion High-tech (SHE: 002074) plans to build energy storage plants in Spain as it continues to advance its efforts in international markets.
Gotion recently signed a cooperation agreement with Spain's Phi4Tech Technology Group and the UAE's Unicorn RE, which will see the three parties collaborate on energy storage and new materials development in Spain, the Chinese battery maker said in a statement yesterday.
The company will work with partners in the European energy sector on a full range of projects from new materials to final energy solutions, and plans to build energy storage plants in Spain over the next few years, Gotion said.
The partnership is expected to open up new growth points for Gotion in the European energy storage market and will provide new opportunities for both parties to promote the development of new energy chains in south Europe, the company said.
Gotion signed deals with Phi4Tech's Nanomate and SiloGrid for business cooperation on battery materials and energy storage power plants respectively.
Unicorn RE said it will use its resources in the UAE and Europe to help both new energy businesses tap into the Spanish market.
Phi4Tech is an energy technology group with operations in raw material mining, storage projects, and material design.
The group is the owner of Europe's second-largest lithium mine and only nickel mine, and the initiator of the largest storage and environmentally friendly capacitor plant project in south Europe, according to the statement from Gotion.
Unicorn RE is an international M&A business unit in the UAE that specializes in cross-border investments for Chinese and European companies.
Gotion is one of the world's largest battery makers, ranking ninth globally with a 2.1 percent share of the world's installed base of power batteries in January-March, according to South Korean market researcher SNE Research.
The Chinese battery maker is backed by Volkswagen, which increased its stake to 26.47 percent in December 2021 to become its largest shareholder.
The latest partnership agreement marks Gotion's further efforts to expand into the European market.
On September 1, 2023, European battery maker InoBat AS said Gotion acquired a 25 percent stake in it, paving the way for an R&D and localized battery value chain in Europe, the Middle East and Africa.
The deal is the first major investment in a European startup by China's top global battery maker, with an initial focus on Central and Eastern Europe as well as Morocco to create green battery materials, InoBat said at the time.
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