Gotion High-Tech, CDG Group sign MoU on €300 million investment portfolio for Morocco battery Project

Shanghai (Gasgoo)- On November 13, Chinese power battery supplier Gotion High-Tech ("Gotion") announced the signing of a Memorandum of Understanding (MoU) with Morocco's largest public investment institution, CDG Group. Under the agreement, CDG Group will support Gotion's Morocco project with a €300 million investment portfolio.

Photo credit: Gotion High-Tech

The collaboration focuses on Gotion's comprehensive project in Morocco, which includes the production of power batteries, energy storage batteries, and key components like cathode and anode materials. The first phase of the project is expected to generate over 2,000 jobs in the region.

Khalid Safir, Chairman of CDG Group, highlighted Morocco's ambitious goal of sourcing 50% of its electricity needs from renewable energy by 2030. "Morocco has a natural advantage in solar and wind power. Through this partnership, we aim to enhance our energy storage capabilities, improve the energy landscape of Morocco and Africa, and align with our sustainable transportation strategy," Safir stated. He emphasized that Gotion's project aligns with Morocco's vision for a sustainable transport ecosystem and will accelerate the country's transition to an electrified automotive industry.

Li Zhen, Chairman of Gotion High-Tech, expressed confidence in the partnership, describing CDG as a strong supporter of Morocco's national energy strategy. “At Gotion, we are committed to combining Chinese wisdom with modern science and technology to harness Morocco's abundant solar and wind resources with advanced energy storage solutions. We are confident in the project's potential and the promising prospects of our collaboration with CDG,” Li said. He added that Gotion aims to bring its cutting-edge production lines, technology, and management expertise to Morocco, creating a benchmark for energy transformation in the region. Together with CDG, the project aspires to be a model for the energy transition between Europe and Africa, contributing to the advancement of global green energy solutions.