Significant Greenfield Investment
It is the largest-ever Chinese greenfield investment project in Germany and, according to Wolfgang Tiefensee, minister of economic affairs for Thuringia, the most important investment in the eastern German state in a decade. In July, Tiefensee and Dr. Robin Zeng, founder of Contemporary Amperex Technology Ltd. (CATL), signed an investment agreement to build a EUR 240 million lithium-ion cell factory on a 70-hectare plot in the Erfurter Kreuz industrial area, making it one of the largest such factories in Europe. CATL specializes in manufacturing lithium-ion batteries and battery systems for electric vehicles (EVs) as well as energy storage solutions. The EV factory, the company’s first outside of China, is expected to be scaled to produce 14GWh capacity by 2022 and to create some 600 jobs in the region over the next four years. As the region prepares to ramp up production of EVs, the investment will give CATL proximity to its customers as well as access to the region’s highly-skilled workers and first-class infrastructure. Thuringia expects the factory will attract even more companies from the materials supply industry and battery technology sector. Germany Trade & Invest assisted in the location-finding process of the investment, which is the largest FDI investment project to have gone through its offices in years.
Lithium-ion battery detail © Pixabay