Eurocell to invest 600 million pounds to build Gigafactory in Europe
It aims to initially invest 600 million pounds (Rs 5,435 crore) over two phases, which will enable it to supply its batteries for energy storage, automotive and e-mobility applications.
Eurocell, an Anglo-Korean battery company has announced that it will build its first European Gigafactory, where it will produce its proven ‘production ready’ technologies in just 12 months, far faster than other Gigafactories. It aims to initially invest 600 million pounds over two phases, which will enable it to supply its batteries for energy storage, automotive and e-mobility applications.
The company claims this will be possible as it already has a proven battery product which is ready for scaled-up manufacturing. Full capacity is expected to be reached by early 2025.
Eurocell says it will mass produce and export its technologies from one of three key markets, the UK, the Netherlands or Spain. It is already actively looking at sites and the final choice is dependent on gaining the right level of central government support and investment.
The battery maker says the host country selected will benefit from the creation of hundreds of direct and indirect jobs, transferring vital skills from Korean battery experts and boosting the economy in a strategic sector crucial to achieving Europe’s net zero ambitions.
The batteries are developed in Korea, and is said to have a considerable technical advantage, lasting over 10 times longer than conventional lithium-ion cells, making them far more sustainable, with no ‘end of life’ issues and perfect for ESS applications given its 100% safe and high performance. Their wide range of operating temperatures also makes them ideally suited to areas with extreme weather and without an existing grid network.
Recardo Bruins, CEO, Eurocell EMEA said, “Eurocell in the UK is a new company, led by a highly experienced UK team and backed by our South Korean partner with decades of experience in electro-chemistry, making batteries at mass-scale and building the Gigafactories to produce them. Now we are planning to rapidly expand in Europe, supplying the energy storage and automotive industries with our market-leading technologies that last longer, perform better and are 100% safe. These products can be on the market in months, not years.”
“To fulfil our mission, we are actively seeking a European manufacturing base and are in advanced discussions with sites in the UK, Netherlands and Spain. With the right level of central engagement and support we are keen to take advantage of the rapidly growing European market as quickly as possible,” added Bruins.
The company says it intends to construct its new Gigafactory in two phases. The first phase will begin producing advanced battery cells at scale by early 2023 for existing customers. In parallel, a bespoke facility will be constructed on the same site, capable of producing in excess of 40 million cells per year by 2025.
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