Joint-venture battery factory in Vietnam breaks ground

A joint venture battery factory by Gotion High-Tech and Vietnam’s VinGroup was officially opened in Vietnam’s Ha Tinh Economic Development Zone, it has been announced.

In a statement, the companies said that the project is expected to achieve an annual production capacity of 5GWh and is expected to be in operation by 2023. It will be the first LFP battery factory in the country, it added.

The factory was jointly invested by Gotion High-tech, and VinES (a member of VinGroup). Gotion High-tech holds 51% of the shares and VinES holds 49%. According to the plan, the project will be built across a total of 14 hectares and will have a design capacity of 5GWh/year. 

It is expected to be completed and put into operation by the end of 2023, the companies said, adding that it was being built to meet the demand of LFP batteries for VinFast new energy vehicle batteries.

Li Zhen, Chairman of Gotion High-Tech, said: “VinGroup is the most respectable enterprise in Vietnam. The battery factory is jointly being built by Gotion High-tech and VinGroup and will support the battery needs of VinFast's electric vehicles. It will not only contribute to the energy revolution, climate friendly and economic development of Vietnam, but also contribute to the energy civilization of human society.”

Globalisation Strategy for Gotion High-Tech

Since the beginning of this year, the globalisation strategy of Gotion High-tech has been continuously implemented, Zhen said. In June, the company reached strategic cooperation with JEMSE of Argentina to establish a joint venture production line of battery-grade lithium carbonate in Jujuy Province of Argentina, he pointed out.

At the same time, the German arm of Gotion was officially unveiled. This unit was created to develop a range of ‘made in Europe’ Gotion batteries. In July, the company's General Depositary Receipts (GDR) rang the bell on the SIX Swiss exchange. In September, it signed a strategic cooperation agreement with Sumec to promote the export business of energy storage products. 

According to the company's plan, by 2025, it expects to achieve 300GWh annual production capacity of global production capacity, including 100GWh overseas, to help achieve global carbon neutrality.