Battery manufacturer Farasis Energy and Chinese automotive group Geely Technology are establishing a joint venture to research and develop and manufacture and distribute lithium-ion energy storage systems for electric vehicles and other energy storage applications.
Geely Technologies and its subsidiaries and Geely Commercial Vehicle Group want to meet at least 80 percent of their battery requirements. The share capital of the joint venture is 1 billion yuan (approximately 127 million euros). The contract was signed on 17 May 2021.
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As early as December 2020, the two companies had agreed on a strategic agreement to establish a joint venture with a combined annual production capacity for lithium-ion batteries of 120 GWh per year. Work on the first construction phase with a capacity of 20 GWh will begin this year.
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By pooling their expertise, Farasis Energy and Geely Technology are further expanding their respective entrepreneurial and technological potential and strengthening their competitiveness in the field of e-mobility.
The joint venture is another step by Farasis Energy to intensify its own activities in the national and international markets and to achieve the medium and long-term goals of the strategic development plan.
Farasis Energy and Geely Technology form joint venture, May 21, 2021
