Will a lithium battery factory be built in Portugal?
According to the latest report on February 21st, battery manufacturer CALB will invest 2 billion euros (approximately Yuan 15.1684 billion) in Sines, Portugal to build a lithium battery factory aimed at providing high-performance energy storage batteries for the European electric vehicle industry.
How much money will Portugal invest in a new lithium battery?
The 36 projects will net the country over 2.7 billion euros and are part of the largest influx of such investment in Portugal since 2016. China Aviation Lithium Battery (CALB) will invest 2 billion euros in the state-of-the-art factory – its first in Europe.
Will Portugal invest in a lithium battery factory in Sines in 2023?
A planned lithium battery factory in the port of Sines leads a raft of new foreign direct investment (FDI) projects secured by Portugal in 2023. The 36 projects will net the country over 2.7 billion euros and are part of the largest influx of such investment in Portugal since 2016.
Why should Portugal invest in a battery factory?
“Our factory will not only create new jobs but will also place Portugal at the forefront of the production of batteries for electric vehicles in Europe,” he highlights. According to CALB, “this strategic investment” aims to “reinforce its presence in the European market for electric vehicles (EV) and energy storage systems (BESS)”.
Will CALB make EV batteries in Portugal?
The company will build cells and ready-to-install packs there. According to Reuters, CALB wants to produce lithium batteries in Portugal with a total annual capacity of 15 gigawatt hours, corresponding to around 187,000 batteries for electric vehicles per year. The batteries will be manufactured “mainly [for EVs] in the European market.”
Can Portugal be a leader in battery production for electric vehicles?
Liu Jingyu, the President of CALB’s Board of Directors, highlighted the factory’s potential to position Portugal as a leader in battery production for electric vehicles across Europe. The project aligns with broader efforts to transition the European automotive sector towards sustainable electric vehicles.
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