Chinese company "Ganfeng" is investing $500 mln. in production of lithium batteries in Turkey

The Chinese company "Ganfeng", one of the largest lithium producers in the world, will create a 5 GW research center with an investment of $500 million. The company has signed a strategic cooperation agreement with the Turkish battery production company Yiğit Akü.

In addition to meeting the production needs of Turkey, the plant will also export products to the European market. Through this cooperation, Turkey will expand its presence in the world market, especially in the field of production of lithium-ion battery cells, battery modules, battery packs, energy storage systems, battery management systems, Power management systems and lithium-ion battery recycling.

The enterprise will not be limited to production alone, but also will have a research institute specialized in new technologies. This institute will work on advanced lithium battery technologies. In addition, the institute will develop important projects for leading technologies of the industry.

According to analysts, the global lithium-ion battery market will grow by 15.70% in the period 2023-2030. The new facility and research institute will enable Turkey to increase its energy storage capacity and enhance its competitiveness in the global market.