Dutch energy storage and battery company Lithium Werks B.V. and Chinese Zhejiang Jiashan Economic and Technological Development Zone Industry Corporation have signed a framework agreement with the intention to construct a 60-hectare battery gigafactory in the Yangtze river Delta. Total investments required are estimated at €1.6 billion (US%1.85 billion).
The Lithium Werks factory and related facilities will produce Li-ion battery cells. Lithium Werks expects to have installed production capacity of 500 GWh per annum by 2030.
The agreement, which was signed in the presence of the Chinese Premier Li Keqiang and Dutch Prime Minister Mark Rutte, marks the start of Lithium Werks’ plan to build multiple gigafactories across the world as part of a 15-to-20-year program that mirrors the long-term business models of the wind and solar industry.
Lithium Werks expects its revenue to exceed $1 billion by 2020 as it continues to grow its share of the rapidly expanding market for energy storage.