VinES Energy Solutions and US battery and ESS maker Gotion, a wholly-owned subsidiary of Gotion High-Tech, started construction of a lithium iron phosphate battery cell factory in Vietnam.
The Technode website reported that the project has a total investment of more than VND 6,329 billion ($275 million). It sits on 14 hectares and has a design capacity of 5GWh per year, equivalent to approximately 30 million battery cells.
The joint venture LFP battery cell factory, funded by VinES and Gotion, is in the Central Industrial Park, Vung Ang Economic Zone, Ha Tinh.
The plant will supply Vietnamese auto manufacturer VinFast’s electric vehicles (EVs) that require LFP batteries and ESS products developed by VinES.
Pham Thuy Linh, Chief Executive Officer of VinES, reportedly said: “Located next to the VinES battery pack manufacturing in the Vung Ang Economic Zone, this new factory will complete the closed loop production of LFP batteries in Vietnam, thereby improving localisation for VinFast’s EVs and optimising production efficiency.”
The facility will be the first LFP battery plant in Vietnam and will begin mass production in the third quarter of 2024.
