Volkswagen PowerCo, Gotion form LFP battery cell joint ventures in Spain, Slovakia, Morocco
Volkswagen PowerCo and Gotion formed three joint ventures covering LFP battery cells and cathode materials in Spain, Slovakia and Morocco. PowerCo plans to invest about €470 million by 2030 in Slovakia and Morocco, while Gotion plans to invest about €1.1 billion in Spain.
1. Three joint ventures
The partnerships cover an LFP “unified cell” project in Valencia, Spain; an LFP cell plant for electric vehicles and energy storage in Šurany, Slovakia; and an LFP cathode-material plant in Kenitra, Morocco. PowerCo will hold 51% of the Valencia venture, while Gotion will hold 51% of the ventures in Slovakia and Morocco.
2. Planned investments
PowerCo plans to invest about €470 million by 2030 in the Šurany and Kenitra projects. Gotion plans to invest about €1.1 billion in Valencia.
