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secures €300 million from Morocco’s CDG for gigafactory","gotion-secures-e300-million-from-moroccos-cdg-for-gigafactory","article/gotion-secures-e300-million-from-moroccos-cdg-for-gigafactory",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":690,"featured":51,"reporter":691,"_editable":695,"component":696,"seo_title":553,"categories":697,"visibility":704,"author_company":49,"featured_image":705,"seo_description":690,"author_full_name":49,"author_job_title":49,"formattedDate":710,"formattedArticleDate":711},"8fbcd8d1-d63b-417c-9276-bbb10b893ffd","2024-11-18 00:00",[560,563,566],{"slug":561,"name":562},"africa","Africa",{"slug":564,"name":565},"gotion","Gotion",{"slug":567,"name":568},"morocco","Morocco",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & Economics",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":580,"content":581},"doc",[582,589,594,609,616,629,649,662,667,672,685],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"Gotion has secured €300 million ($317 million) worth of investment from Morocco’s state-owned investment fund CDG to build the first gigafactory in the country.","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":588},"The gigafactory, announced in June of this year, is expected to have 20 gigawatt-hours (GWh) of capacity when first phase operations begin in 2027. Gotion plans to increase capacity to 100 GWh, requiring an investment of approximately $6.5 billion.",{"type":583,"attrs":595,"content":596},{"textAlign":49},[597,599,607],{"text":598,"type":588},"The facility will produce lithium iron phosphate (LFP) cells, playing to ",{"text":600,"type":588,"marks":601},"Europe’s growing demand",[602],{"type":603,"attrs":604},"link",{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/article/european-2030-battery-pipeline-falls-176-gwh-this-year-amid-ev-slowdown?_branch_match_id=1544410826727293447&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN%2FQ2z6g0Nc%2FP9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA57dqK0gAAAA%3D","url",{"text":608,"type":588}," for lower cost electric vehicles (EVs) and energy storage systems (ESS).",{"type":610,"attrs":611,"content":613},"heading",{"level":612,"textAlign":49},4,[614],{"text":615,"type":588},"Why are Chinese companies investing in Morocco?",{"type":583,"attrs":617,"content":618},{"textAlign":49},[619,621,627],{"text":620,"type":588},"“Morocco has significant phosphate reserves which can be used as feedstock for lithium iron phosphate (LFP) ",{"text":622,"type":588,"marks":623},"cathode material",[624],{"type":603,"attrs":625},{"href":626,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/article/chinas-midstream-majors-flock-to-moroccos-fledgling-cathode-hub?_branch_match_id=1544410818892300287&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIAwF0BvBbmIcmI2bqymmSgUK%2BWB08uy%2BF3qvbbDWs%2B4hE2IWZVBqhmo1STTa1c1y0e3exU8f%2BGBA9Nw8ytMYowsomX%2F%2B6C11SAAAAA%3D%3D",{"text":628,"type":588},", alongside maintaining FTA status with the EU and US, which makes it an attractive base for new battery material projects,” said Anya Sidhu, an analyst at Benchmark.",{"type":583,"attrs":630,"content":631},{"textAlign":49},[632,634,639,641,647],{"text":633,"type":588},"Chinese ",{"text":635,"type":588,"marks":636},"cathode",[637],{"type":603,"attrs":638},{"href":626,"uuid":49,"anchor":49,"target":49,"linktype":606},{"text":640,"type":588}," and ",{"text":642,"type":588,"marks":643},"anode",[644],{"type":603,"attrs":645},{"href":646,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://source.benchmarkminerals.com/article/chinas-overseas-anode-push-expands-with-shinzooms-planned-morocco-plant?_branch_match_id=1544410810438354649&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNzAPMjYIrnKu8E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAID9Ob0gAAAA%3D",{"text":648,"type":588}," players have also invested in Morocco, not only for ease of access to Western markets but also to escape domestic overcapacity in these markets.",{"type":583,"attrs":650,"content":651},{"textAlign":49},[652,654,660],{"text":653,"type":588},"Moreover, Morocco has ",{"text":655,"type":588,"marks":656},"actively courted international investment",[657],{"type":603,"attrs":658},{"href":659,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://www.benchmarkminerals.com/",{"text":661,"type":588},". Along with macroeconomic stability and investment in infrastructure, the country offers 119 industrial zones and 7 Special Economic Zones with no taxes during a company’s first 5 years in business and a reduced rate beyond that.",{"type":583,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":588},"As a result of these factors, Chinese companies have been making investments in Morocco across the battery supply chain:",{"type":610,"attrs":668,"content":669},{"level":612,"textAlign":49},[670],{"text":671,"type":588},"Gotion’s international expansion",{"type":583,"attrs":673,"content":674},{"textAlign":49},[675,677,683],{"text":676,"type":588},"An ability to supply the European market is especially valuable to Gotion as the region is forecast to be in a supply deficit of 191 GWh this year, rising to 502 GWh by 2030, according to Benchmark’s ",{"text":678,"type":588,"marks":679},"Lithium ion Battery Database",[680],{"type":603,"attrs":681},{"href":682,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://www.benchmarkminerals.com/lithium-ion-batteries/data-reports/forecast",{"text":684,"type":588},". ",{"type":583,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":588},"Gotion’s other overseas projects include:","Gotion has secured €300 million ($317 million) worth of investment from Morocco’s state-owned investment fund CDG to build the first gigafactory in the country. The gigafactory, announced in June of this year, is expected to have 20 gigawatt-hours (GWh) of capacity when first phase operations begin in 2027. Gotion plans to increase capacity to 100 […]",[692],{"slug":571,"name":572,"content":693},{"job_title":574,"image":694,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8fbcd8d1-d63b-417c-9276-bbb10b893ffd\", \"id\": \"\"}-->","article",[698,701],{"slug":699,"name":700},"batteries","Batteries",{"slug":702,"name":703},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":706,"name":706,"focus":706,"title":706,"source":706,"filename":707,"copyright":706,"fieldtype":708,"meta_data":709,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/6732880a50/bm-gotion-1.jpg","asset",{"alt":706,"title":706,"source":706,"copyright":706},"Nov 18, 2024","18th November 2024",[],[],1792688569445]