On November 13, Gotion High-Tech signed a Memorandum of Understanding (MoU) with Morocco’s CDG Group, a Moroccan investment institution. Under the agreement, CDG Group plans to invest a portfolio of €300 million (approximately $316.4 million US) to support the Phase I construction of Gotion’s Morocco project.
CDG Group is the largest public financial investment institution in Morocco. According to the agreement, CDG Group will use the €300 million investment portfolio to support the first phase of the Gotion’s Morocco project to guarantee the continuous operation. The project covers various components such as energy storage batteries and anode/cathode materials, etc. The Phase I of the project is expected to directly create over 2,000 jobs in the local area.
Khalid Safir, Chairman of CDG Group, stated that Morocco plans to meet 50% of its electricity demand from renewable energy by 2030. With its natural advantages for the development of solar and wind energy, Morocco aims to improve its energy storage capacity through this cooperation, thus enhancing the energy structure in Morocco and even in Africa. The Gotion’s Morocco project aligns with Morocco’s strategy for developing a sustainable transportation industrial ecosystem and it helps pave the way for the electrification of Morocco’s automotive industry.
Li Zhen, Chairman of Gotion High-Tech, expressed that CDG is a strong supporter of Morocco’s national energy strategy. The company is committed to combining Morocco’s abundant solar and wind energy with advanced energy storage technologies and providing Morocco with solutions to build a greener future with the application of China’s wisdom and modern science and technology.
Gotion is confident about the prospects of the projects as well as the collaboration with CDG. The company promises to bring Gotion’s advanced production lines, technologies, and management practices to Morocco, working together with CDG to make this project a benchmark for Morocco’s energy transformation and a demonstration of energy transition in both Europe and Africa, contributing positively to the global energy civilization.
Source: WeChat Official Account—马里亚纳锂电
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