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CDG invest in Gotion as battery gigafactory develops: Moroccan state-owned investment fund Caisse de Dépôt et de Gestion (CDG) and Chinese battery manufacturer Gotion High-Tech signed an MoU under which CDG Invest — which is an industry dedicated fund — will take a stake in Gotion Power Morocco as it continues to develop a USD 1.3 bn electric vehicle battery gigafactory in Kenitra, according to a statement. The size of the stake was not disclosed.
ICYMI- The company signed an MoU with Morocco for the batteries and energy storage systems factory, the first of its kind in Africa and MENA, last year.
The first phase is in the works: Morocco signed an agreement with Gotion — which is backed by Germany’s giant equipment manufacturer Volkswagen Group — in June to establish the first phase of the gigafactory with an investment ticket of MAD 12.8 bn (c. USD 1.3 bn). The agreement came shortly after Morocco’s National Investment Commission approved the project.
About the project: The first phase is set to have a production capacity of 20 GWh and an export capacity of USD 2 bn, with construction starting in June 2026. Gotion plans to raise the plant’s capacity to 100 GWh, with the total investment expected to reach around USD 6.5 bn. The mega project is expected to create some 17k jobs.
Gotion has been busy: The company was in talks with Morocco in April to secure a location and partnered with tech giant ABB Group to collaborate on the building of the EV battery gigafactory earlier in the year. Gotion managed to beat out Chinese battery minerals producer Zhejiang Huayou Cobalt which was also exploring a USD 20 bn electric vehicle battery plant in Morocco last August.
