Gotion High-tech, a Chinese battery manufacturer backed by Volkswagen, has secured a €300 million ($280 million) investment for its battery production project in Morocco. On November 13, Gotion signed a memorandum of understanding (MOU) with CDG Group, Morocco’s largest public financial investment institution.
This investment will fund the first phase of Gotion’s Moroccan project, which focuses on producing power batteries, energy storage batteries, and manufacturing cathode and anode materials. The initial phase is expected to create over 2,000 local jobs.
The collaboration with CDG Group supports Gotion’s operations in Morocco and contributes to the country’s goal of generating 50% of its electricity from renewable sources by 2030. According to CDG chairman Khalid Safir, Morocco’s abundant solar and wind resources make it an ideal location for energy initiatives.
Li Zhen, Chairman of Gotion High-tech, emphasized that the company will bring advanced production lines, technology, and management expertise to Morocco. The aim is to set a benchmark for energy transformation in the region and support Morocco’s strategy to develop a sustainable transport ecosystem while accelerating electrification in the automotive sector.
Previously, in June, Gotion signed an investment agreement with the Moroccan government to establish a battery factory with an initial investment of 12.8 billion dirhams ($1.3 billion) and a starting capacity of 20 GWh. Plans are in place to expand the factory’s capacity to 100 GWh, potentially increasing the total investment to $6.5 billion. Morocco’s strategic location, free trade agreements with major EU and US markets, and growing automotive sector make it an attractive site for Chinese electric vehicle battery manufacturers.
Source: EVMagz
