Chinese Billions for German Battery Plant
Chinese battery manufacturer SVOLT Energy Technology Company is establishing a new two-billion-euro facility for producing cobalt-free lithium-ion batteries in the German state of Saarland. The company announced the massive greenfield expansion at a press conference on Tuesday.
When completed, the facility will have an annual production capacity of 24 gigawatt hours. That’s the equivalent of 300,000 to 500,000 electric-vehicle batteries. The new plant is expected to create some 2000 jobs. Germany’s national economic promotion agency Germany Trade & Invest (GTAI) helped the Chinese company settle on southwestern Germany as a new home.
“We’re very happy about SVOLT’s decision to establish a presence in Germany,” said GTAI CEO Robert Hermann. “It again shows how internationally attractive Germany is as an industrial and technological location further developing the future of mobility.”
The new facility should have bolster the entire region.
“This expansion will create positive synergies and multiplying effects with other parts manufacturers, creating and securing additional jobs,” said GTAI mobility expert Stefan Di Bitonto, who worked closely together with the Chinese manufacturer. “SVOLT’s presence will undoubtedly strengthen German competitiveness as an automotive location.”