Jiangxi Ganfeng Lithium Battery Technology (Ganfeng LiEnergy), a subsidiary of Ganfeng Lithium (SHE: 002460), has invested US$500 million into a new battery production joint venture in the Middle East.
The Chinese chemicals producer made the announcement in a Shenzhen Stock Exchange filing last week. It will be partnering with Turkey’s Yiğit Akü A.Ş. for the initiative.
Together, they will construct a 132,000 square metre battery production plant. It will employ about 400 people.
This plant will consist of a research and development facility, office space, a technical training centre, a battery testing facility and other amenities. Its infrastructure will be worth an estimated US$202 million.
“With this collaboration, we aim to expand our presence in the global market,” Yiğit Akü said in an X post Friday, “primarily in lithium-ion battery cells, battery modules, battery packs, energy storage systems, battery management systems, energy management systems, and recycling of lithium-ion batteries.”
According to a bulletin from a local news outlet shared by Yiğit Akü on LinkedIn, it will also produce forklifts, golf carts and other industrial electric vehicles.
Yiğit Akü currently produces millions of batteries per year at its advanced facility in Turkey’s capital city Ankara. The company was established in 1976.
⚡️ As part of Ankara's newly unveiled #HIT30 high-tech investment program, Turkish battery maker @YigitAkuAS & China's #GanfengLiEnergy are investing in a $500 MILLION factory in Turkiye that will produce #lithium-ion batteries with an annual capacity of 5 GWh. #YiğitAkü 🇹🇷🇨🇳 pic.twitter.com/kkGPBYrsEP
— Turkish Century (@TurkishCentury) August 18, 2024
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Ganfeng acquires Argentina lithium property stake
Shenzhen-listed Ganfeng just finalized its acquisition of a 14.9 per cent stake in the Pastos Grandes lithium brine operation held by Lithium Americas (Argentina) Corp. (TSX: LAAC) (NYSE: LAAC). A sum of US$70 million was paid for the project interest.
The operation resides in the country’s Salta province alongside other brine projects like Lithium South Development Corporation’s (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) Hombre Muerto North operation.
“The completion of this transaction is an important step forward for the combined efforts of Lithium Argentina and Ganfeng Lithium in Argentina,” Sam Pigott, chief executive of Lithium Argentina, said Friday.
Lithium Argentina’s creation resulted from a spinout by Lithium Americas last year. The aim of this was to establish two divisions to focus on Nevada’s Thacker Pass operation and the company’s Argentina lithium assets separately.
In addition to Pastos Grandes, Lithium Argentina also holds the Cauchari-Olaroz project — another Ganfeng joint venture.
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