The combined investment in the two battery plants is 2.514 billion euros ($2.6 billion), both with an annual capacity of 20 GWh.
Gotion High-tech (SHE: 002074) has unveiled plans to build battery factories in Slovakia and Morocco as it looks to expand its international presence.
The Volkswagen-backed Chinese battery giant announced yesterday that it plans to build a battery production site in Slovakia and one in Morocco for a total of around 2.514 billion euros ($2.6 billion).
The total investment in the Slovakian project is not to exceed 1.234 billion euros, with an annual capacity of 20 GWh of lithium batteries, according to an exchange announcement yesterday.
The Slovakian plant will be built by Gotion InoBat Batteries (GIB) EnergyX Slovakia, which is 80 percent owned by Gotion and the other 20 percent by local battery company InoBat Auto jsa. Gotion acquired a 25 percent stake in InoBat last September.
The project, located in the city of Surany, Slovakia, will be built in phases and is expected to take no more than three years, Gotion's announcement said.
The Slovakian plant will focus on battery manufacturing business and aim to realize local supply of power batteries to cover the EU market, it said.
In June, the Slovak government approved 214 million euros in state aid to GIB, of which 150 million euros is in subsidies and 64 million euros in tax breaks.
The plant is expected to start production in January 2027 and reach full capacity in June of the same year, according to a statement at the time.
The total planned investment in the Moroccan battery plant is not to exceed 1.28 billion euros, also with an annual capacity of 20 GWh.
The Moroccan project will be constructed by Gotion Power Morocoo, in which Gotion holds a 100 percent stake, and is located in the Rabat region of Morocco.
The Moroccan government signed a plant investment agreement with Gotion in June, and on November 13, Gotion signed a memorandum of understanding with CDG Group, a Moroccan investment institution, which plans to invest 300 million euros in the first phase of Gotion's Moroccan project.
CDG, Morocco's largest public financial investment institution, would support Gotion's operations in Morocco for the project, Gotion said last month.
Gotion is one of the world's largest EV battery makers, with a 2.6 percent share in the January-October period, ranking No. 8 globally, according to South Korean market researcher SNE Research.
Gotion was No. 4 in China in November with 3.56 GWh of installed capacity and a 5.29 percent share, according to China Automotive Battery Innovation Alliance (CABIA).
($1 = EUR 0.9547)
Gotion's battery project in Morocco gets $280 million investment from local firm CDG
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