How much did Morocco invest in a battery factory?

In June, the Moroccan government signed an investment agreement with Gotion for a battery factory with a total investment of 12.8 billion dirhams ($1.3 billion) and an initial battery capacity of 20 GWh.

What's going on with EV batteries in Morocco?

The battery industry chain centered around LFP is forming rapidly. In June this year, the Moroccan government announced that Gotion High-Tech would invest $1.3 billion (US) to build a gigafactory for EV batteries.

Will CDG support gotion's project in Morocco?

CDG, Morocco's largest public financial investment institution, will support Gotion's operations of the project in Morocco. The first phase of the project, which covers power batteries, energy storage batteries and cathode and anode materials, is expected to directly create more than 2,000 local jobs, Gotion said.

How much money will gotion invest in Morocco?

On November 13, Gotion signed a memorandum of understanding with Moroccan investment agency CDG Group, which plans to invest 300 million euros ($280 million) in the first phase of Gotion's Moroccan project, according to an announcement today.

Will gotion be a benchmark for energy transformation in Morocco?

Gotion's chairman, Li Zhen, said the company will bring its advanced production lines, technology, and management to Morocco and work with CDG to make this project a benchmark for energy transformation in Morocco.

Does CATL have a battery production base in Morocco?

CATL has already planned over 100 GWh of production capacity at its European factories. Additionally, Sunwoda is also setting up a battery production base in Morocco. The number of material manufacturers investing in Morocco is even larger.