- Italvolt said in a statement that the facility is expected to employ 4,000 people
- It added that the first stage of the project will be completed in 2024
As per a report by Reuters, Electric vehicle battery startup Italvolt said that it will invest 4 billion euros ($4.9 billion) to build a factory in Italy to meet growing demand for lithium-ion batteries from Europe’s automotive industry. The report added that the European Union is pushing to boost battery production on the continent to compete with China, presently home to around 80 per cent of the world’s lithium-ion cell manufacturing capacity, with the aim of being self-sufficient by 2025.
Did not give details of how it will finance the project
Italvolt said in a statement that the facility is expected to employ 4,000 people.It added that the first stage of the project will be completed in 2024. It did not give details of how it will finance the project, or when it plans to start production
Its sister start-up Britishvolt has said it plans to build a 2.6 billion pound ($3.6 billion) battery factory in England, said that Stellantis’ robotics unit Comau would be a supplier for the Italian facility as per the report.
