Gotion InoBat signs deal to set up 20 GWh capacity EV battery plant in Slovakia
Slovakia has signed a memorandum of understanding with Chinese electric vehicle battery maker Gotion High-Tech to build an EV battery plant in the European nation, the country's economy ministry announced, without divulging financial details of the transaction.
Gotion, which supplies EV batteries to Germany's Volkswagen, has tied up with local company InoBat for form a joint venture – Gotion InoBat Batteries – that will build a plant in Surany, about 100 km east of Slovakia's capital Bratislava.
The factory is expected to become operational in 2026 with an initial production capacity of 20 GWh, which could be doubled in future, the ministry said in its release.
Denisa Sakova, Slovakia's economy minister, said the plant's construction was key for the future of the car industry, which is a major driver of the country's economy. Volkswagen, which is also the largest shareholder in Gotion High-Tech with a 24.77 percent stake, owns a car manufacturing facility in Slovakia.
Gotion, in turn, owns a 25 percent stake in InoBat and has agreed to provide the startup with supply chain and technology support as it scales up production of batteries for EVs. Gotion began production from its first European plant in Gottingen, Germany, in September this year.