ABEE invests EUR 1.4 billion in a battery factory for electric cars

The Belgian company Avesta Battery and Energy Engineering will build a battery factory for electric cars in Galati, an investment of EUR 1.4 billion, which will ultimately generate around 8,000 jobs.

"Battery production is crucial for the EU due to the current market situation where China dominates the supply of Li-ion batteries. More production capacity is needed in the future to meet the growing European demand," ABEE company representatives said.

The new factory will be built on an area of about 60 hectares and will be completed in 2026.

Source: Economica.net