Ganfeng, one of the leading global supplier of lithium metal, is in the process of setting up a joint venture in Turkey, with an investment plan for about $500 million towards a lithium battery project with an annual capacity of 5 GWh.
The Chinese's company direct subsidiary Ganfeng LiEnergy has signed an agreement with Turkish company Yigit Aku Malzemeleri Nakliyat Turizm Insaat Sanayi ve Ticaret A.S. in this regard, according to new reports quoting Ganfeng's stock exchange announcement.
The joint venture project reportedly includes the establishment of two key facilities - a lithium battery cell production line and a battery pack production line. The JV is also said to involve establishing R&D centers for new technology development in the areas of solid-state batteries, high-power batteries, marine and aerospace batteries.
Yigit Aku is currently the largest manufacturer and recycler of lead-acid batteries in Turkey, according to Ganfeng, with four production sites and two battery R&D centers, serving more than 500 partners in more than 100 countries across the globe.
More details on the nature and location of the Turkish battery project are awaited. Given the Turkey's emerging battery manufacturing ecosystem and its growing domestic market for EVs, the country is emerging as a key hotspot for batteries in the middle-east region.
Ganfeng, apart from being a supplier of lithium compounds and metal products, is developing power batteries as well. The company is reported to have commenced the mass production of its first-generation solid-state battery with an energy density of 260 Wh/kg last year, in a dedicated production line with an annual capacity of 4 GWh in China.