MILAN — Electrical car battery startup Italvolt stated it plans to take a position 4 billion euros ($4.9 billion) to construct a manufacturing unit in Italy to fulfill rising demand for lithium-ion batteries from Europe’s automotive business.
The European Union is pushing to spice up battery manufacturing on the continent to compete with China, at present house to round 80 % of the world’s lithium-ion cell manufacturing capability, with the intention of being self-sufficient by 2025.
It didn’t give particulars of the way it will finance the mission, or when it plans to start out manufacturing.
The corporate stated that Stellantis’ robotics unit Comau can be a provider for the Italian facility.
Italvolt’s sister start-up Britishvolt has stated it plans to construct a 2.6 billion pound ($3.6 billion) battery factory in England.