The Swedish technology company Anodox Energy Systems (Anodox) plans to invest up to 50 million euros in the initial stage to establish an electric car battery plant in the territory of the Port of Riga, LETA was informed by the Latvian Investment and Development Agency (LIAA).
With the development of electromobility, the demand for high-capacity batteries has increased, so Anodox has chosen Latvia to build its own factories, taking into account the location, the ecosystem of the automotive industry and the incentives offered by the government, LIAA points out.
In the first phase of the project, the company will start producing battery packs for electric cars and light trucks, while in the second phase it is planned to produce high-performance battery cells using lithium iron phosphate battery (LFP) technology.
The total amount of investments in the first stage of the plant’s establishment will reach 50 million euros, and it is expected that the first plant in the territory of the Port of Riga will start operating in December 2022, when approximately 300 new jobs will be created in Latvia, LIAA claims.
LIAA director Kaspars Rožkalns informs that “Anodox” in Latvia will provide the entire production cycle from raw material to finished systems, which will be delivered from Riga to customers in Scandinavia, Germany and other European countries.
Minister of Economics Jānis Vitenbergs (NA) points out that various parts are already supplied to car manufacturers by Latvian companies such as Bucher Municipal, LEAX Rēzekne, LAS-1 company, LEAX Baltix, Dinex Latvia, EMJ Metāls “,” SFM Latvia “,” Metaro “,” Defense Partnership Latvia “and” LANOS “.
“Our goal is to supplement the range of these products and to ensure that car assembly also takes place in Latvia,” the Minister points out.
Vitenbergs believes that such a project will strengthen Latvia’s position in the mechanical engineering sector, and at the same time it will mean a much faster development of the entire mechanical engineering sector and related companies, as it will promote both productivity and export of knowledge-intensive goods and services.
Founded in 2016, Anodox has partnered with several internationally renowned brands, including Volvo, NEVS, Jinpeng Auto, Geely, Lotus, Mahindra and Pininfarina. The company’s research and development center in Sweden develops electric batteries for light trucks, cars, marine and other vehicles.
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