InoBat, Gotion to Build Battery Factory in Europe as Part of Joint Venture
By David Sachs
InoBat and Gotion High-Tech have struck a deal create a joint-venture and produce electric vehicle batteries somewhere in central Europe.
The unlisted Slovakian battery firm said Monday that it has signed a pre-joint-venture agreement with Gotion, a Chinese battery company that is a major supplier to Volkswagen. Financial details were not disclosed.
Construction of the factory is expected to start in 2024 with full production expected in 2026, despite no final decision on the location, InoBat said.
"One of the key factors for the investment decision is a strong support from the state and state institutions in building critical infrastructure, construction permits and providing competitive state aid," InoBat said.
The plant will have an initial capacity of 20 gigawatts and will create thousands of jobs, Inobat said.
Gotion has a 25% stake in InoBat.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
September 18, 2023 07:33 ET (11:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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