China’s Ganfeng Lithium Group said its holding unit has signed an agreement with Turkish major lead-acid battery maker Yiğit Akü to set up a $500 million joint venture for a lithium battery gigafactory.
The pair plan to build a 5GWh per annum battery plant in Turkey, according to a regulatory notice sent to the Shenzhen Stock Exchange by Ganfeng.
The Kallanish commodities site reported the JV will focus on advanced technologies such as solid-state batteries, high-power batteries, as well as batteries used in shipping and aerospace.
The transaction remains subject to Chinese regulatory approval. Ganfeng notes uncertainty on the timing of such approvals and the project start-up.
