Netherlands-based Lithium Werks BV plans to build a massive lithium-ion cell factory in China in order to further tap into the country’s booming batteries market.
The new plant will have a production capacity of 8 gigawatt-hours per year, and is due to start production within three years, the company’s chairman, Kees Koolen, told Bloomberg. Lithium Werks will contribute 20% of the equity funds with the remainder picked up by a group of Chinese banks.
“We’re in China again because it moves faster than others, it makes decisions quickly,” Koolen said. “We’re also in discussion with European governments but they’re just doing a lot of talking.”
The Dutch company, still within its first year of operations, has high hopes for the industry beyond electric vehicle applications. Koolen said that he hopes to have 10 battery factories up and running by 2025.