Electric vehicle (EV) battery startup Italvol is planning to build a plant in Italy to manufacture lithium-ion batteries used in electric vehicles, the company said in a statement on February 15. The first stage of the project will be completed in 2024.
The company said that it plans to invest €4bn ($4.9bn) to build the plant to meet the growing demand for lithium-ion batteries in the European automotive sector. The company further informed that Stellantis’ robotics unit Comau would be a supplier for the plant.
The European Union is working to boost battery production to compete with China which has around 80pc of the world’s lithium-ion cell manufacturing capacity. The EU aims to become self-reliant for EV batteries by 2025.
The company’s sister startup Britishvolt is also planning to build a £2.6bn ($3.6bn) EV battery plant in England. Lithium, cobalt, nickel, and manganese are mainly used for the production of lithium-ion batteries.