Latest news with #batterymanufacturing
Reuters
21-05-2025
- Automotive
- Reuters
Gotion to begin building Morocco gigafactory 'within days'
RABAT, May 21 (Reuters) - Gotion Power Morocco, a subsidiary of Sino-European electric vehicle battery maker Gotion High Tech, will begin building its gigafactory in the north African country "within days," the company's Morrocan head Khalid Qalam said on Wednesday. Gotion High Tech signed an investment deal with the Moroccan government in June last year to set up the first gigafactory in Africa near Kenitra, northwestern Morocco, for a total investment $6.5 billion. The company's investment, spurred by government incentives, is in line with Morocco's aim to expand and adapt its automotive sector. Qalam told an industry conference in Rabat the groundwork for the factory had been completed and the first production was expected in the third quarter of 2026. In a first phase, at a cost of $1.3 billion, the plant would have 20 gigawatt capacity, he said, adding the company had agreed with the Moroccan government to increase capacity to 40GW in a second phase. He did not give a timeline. In addition to batteries, the plant will also produce cathodes and anodes, with a view to exporting the bulk to Europe, he said. "We have already received orders from many European car manufacturers," he said. Morocco's geographic location close to Europe and its existing automotive industry make it attractive to Chinese EV battery makers. The country is is home to Stellantis ( opens new tab and Renault ( opens new tab vehicle production plants, and reported a 6.3% increase in automotive sector exports to a record 157 billion dirhams ($17 bln) in 2024, according to official figures.
E&E News
14-05-2025
- Automotive
- E&E News
General Motors pays off DOE loan for EV battery project
The Department of Energy announced Tuesday the early repayment of a loan it had made to a major electric vehicle battery project. Ultium Cells, a joint venture between General Motors and South Korea's LG Energy Solution, has paid off the loan it received to manufacture lithium-ion batteries in Ohio and Tennessee. The move means those projects are no longer subject to the onerous requirements and check-ins that come with federal loans. GM telegraphed the early repayment earlier this month, telling investors on a phone call that it would loan Ultium $1.8 billion to pay off the federal loan. That essentially shifted the debt to GM's balance sheet. Advertisement The joint venture's 'simplified capital structure will allow it to grow and evolve with even greater flexibility,' Paul Jacobson, GM's chief financial officer, said on the call.
Yahoo
10-05-2025
- Business
- Yahoo
Here are 3 projects East Valley residents should know
Two industrial projects and one townhome community are underway in the East Valley, all of which are expected to be completed in 2026. LG Energy Solutions is building a battery manufacturing facility in Queen Creek, with the goal of producing cylindrical batteries for electric vehicles. The company predicted the facility will bring thousands of jobs to the area. A 15-acre plot near Warner Road and Hardy Drive in Tempe will be home to a 144,885-square-foot industrial park. The spot was previously used for an office building, a commercial garage, outdoor storage and RV parking. A luxury townhome community in Scottsdale is being built a few hundred yards west of the Indian Bend Wash Greenbelt. The developer said the community is focused on sustainability with less costly energy bills. Here's what East Valley residents should know about the projects. A 144,885-square-foot industrial park is being built on a 15-acre plot near Warner Road and Hardy Drive in Tempe. It is being developed by Phoenix- based Creation and Boston-based CrossHarbor Capital Partners. The development will include 6 acres of yard space for storage or vehicles. One structure in the park will be built before a business has signed on to lease the space. Construction is expected to be completed in mid-2026. Construction is underway on an electric vehicle battery manufacturing facility near Ironwood and Pecos roads in Queen Creek. LG Energy Solutions is expected to hire 2,800 employees. The company commenced training its launch team members at a new workforce training center, which was established under Arizona's Future48 Workforce Accelerator program, in partnership with the Arizona Commerce Authority, Pinal County, and Central Arizona College, it stated in a news release. The company said the project was halfway completed in April. The plant is expected to begin production in mid-2026. The southeast corner of 78th Street and San Miguel Avenue will be home to the Paloma, a 6-unit luxury and custom townhome community that focuses on sustainability. The homes are 3,000 square feet each, with two-car garages, 3 bedrooms and 3.5 bathrooms. The backyards will have pools, hot tubs and cabanas. Developer Ed Gorman said it will be "the first net-zero energy ready luxury home community in Scottsdale." Monthly energy bills are expected to be 50% to 70% lower, he said. Construction is anticipated to finish in August 2026, and residents are expected to start moving in fall 2026. Like this story? Get more East Valley news straight into your email inbox by signing up for our free weekly East Valley Newsletter, which comes out on Wednesdays. Is there something under construction you'd like to tell us about or find out more about? Contact reporter Lauren De Young, who covers Tempe, Chandler, Maricopa County and transportation. Reach her at This article originally appeared on Arizona Republic: 3 East Valley projects to know: Tempe, Queen Creek, Scottsdale
Yahoo
10-05-2025
- Business
- Yahoo
Here are 3 projects East Valley residents should know
Two industrial projects and one townhome community are underway in the East Valley, all of which are expected to be completed in 2026. LG Energy Solutions is building a battery manufacturing facility in Queen Creek, with the goal of producing cylindrical batteries for electric vehicles. The company predicted the facility will bring thousands of jobs to the area. A 15-acre plot near Warner Road and Hardy Drive in Tempe will be home to a 144,885-square-foot industrial park. The spot was previously used for an office building, a commercial garage, outdoor storage and RV parking. A luxury townhome community in Scottsdale is being built a few hundred yards west of the Indian Bend Wash Greenbelt. The developer said the community is focused on sustainability with less costly energy bills. Here's what East Valley residents should know about the projects. A 144,885-square-foot industrial park is being built on a 15-acre plot near Warner Road and Hardy Drive in Tempe. It is being developed by Phoenix- based Creation and Boston-based CrossHarbor Capital Partners. The development will include 6 acres of yard space for storage or vehicles. One structure in the park will be built before a business has signed on to lease the space. Construction is expected to be completed in mid-2026. Construction is underway on an electric vehicle battery manufacturing facility near Ironwood and Pecos roads in Queen Creek. LG Energy Solutions is expected to hire 2,800 employees. The company commenced training its launch team members at a new workforce training center, which was established under Arizona's Future48 Workforce Accelerator program, in partnership with the Arizona Commerce Authority, Pinal County, and Central Arizona College, it stated in a news release. The company said the project was halfway completed in April. The plant is expected to begin production in mid-2026. The southeast corner of 78th Street and San Miguel Avenue will be home to the Paloma, a 6-unit luxury and custom townhome community that focuses on sustainability. The homes are 3,000 square feet each, with two-car garages, 3 bedrooms and 3.5 bathrooms. The backyards will have pools, hot tubs and cabanas. Developer Ed Gorman said it will be "the first net-zero energy ready luxury home community in Scottsdale." Monthly energy bills are expected to be 50% to 70% lower, he said. Construction is anticipated to finish in August 2026, and residents are expected to start moving in fall 2026. Like this story? Get more East Valley news straight into your email inbox by signing up for our free weekly East Valley Newsletter, which comes out on Wednesdays. Is there something under construction you'd like to tell us about or find out more about? Contact reporter Lauren De Young, who covers Tempe, Chandler, Maricopa County and transportation. Reach her at This article originally appeared on Arizona Republic: 3 East Valley projects to know: Tempe, Queen Creek, Scottsdale
Yahoo
09-05-2025
- Automotive
- Yahoo
Britain announces 1 billion pound AESC gigafactory funding deal
LONDON (Reuters) -Britain on Friday announced a 1 billion pound ($1.33 billion)funding deal for a new AESC gigafactory which will manufacture electric vehicle batteries. Japanese-headquartered battery maker AESC will build the facility in Sunderland, northern England. The government said it would provide batteries for up to 100,000 EVs per year - a six-fold increase on current capacity. 'We are going further and faster to boost our industries' resilience and encourage their growth," finance minister Rachel Reeves said in a statement. "'This investment in Sunderland will not only further innovation and accelerate our move to more sustainable transport, but it will also deliver much-needed high quality, well-paid jobs." Japanese carmaker Nissan operates Britain's largest car manufacturing site in Sunderland. The company announced a major investment in the plant in 2023 to build electric versions of two of its cars. Britain said its National Wealth Fund and UK Export Finance would provide financial guarantees to unlock 680 million pounds in financing from banks including Standard Chartered, HSBC, SMBC Group, Societe Generale and BBVA. The cash will be used to fund the construction and operation of the plant. The remaining 320 million was secured through private financing in addition to new equity provided by AESC, the government statement said. 'This investment marks a key milestone in AESC's ongoing efforts to support the UK's path towards decarbonisation and the expansion of its EV market," said AESC chief executive Shoichi Matsumoto, in remarks distributed by the British government. ($1 = 0.7535 pounds) Sign in to access your portfolio
