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01:46
Chinese, Israeli companies strike deal for joint venture battery plant in Spain
STORY: Chinese, Israeli companies strike deal for joint venture battery plant in Spain
SHOOTING TIME: recent footage
DATELINE: Jan. 18, 2025
LENGTH: 00:01:46
LOCATION: BARCELONA, Spain
CATEGORY: ECONOMY
SHOTLIST:
1. various of the global specialty minerals company ICL in the Spanish region of Catalonia
2. various of the old potash production facilities in the town of Sallent
3. various of company ICL
4. various of a new vehicle terminal at the Port of Barcelona
5. various of ICL facilities in the Port of Barcelona connected by train
STORYLINE:
Shenzhen Dynanonic Co. Ltd., a Chinese battery materials producer, approved a joint venture agreement with a leading global specialty minerals company ICL on Friday to establish a lithium-ion battery plant in northeast Spain.
According to a statement issued by the Board of Directors of Shenzhen Dynanonic, the plant, with an initial investment of 285 million euros (293.7 million U.S. dollars), will be located in Sallent, in the Catalan region. Shenzhen Dynanonic will hold a 20-percent stake in the investment, while ICL will control the remaining 80 percent. The partnership allows for adjustments based on future investment opportunities.
The new facility will be built on the site of a former potash production plant and span approximately 100,000 square meters. It will become the first factory in the region to produce lithium iron phosphate for electric battery cathodes, a key component in powering electric vehicles, according to the report of Spain's El Pais newspaper on Friday.
Amid the surging demand for lithium-ion batteries driven by the rapid expansion of the electric vehicle market in Europe, the companies chose Sallent for its proximity to the Port of Barcelona and its railway connection to France, which positions it as a strategic location for distribution, local media commented.
Shenzhen Dynanonic, known for its expertise in research, development, and production of core lithium-ion battery materials, is committed to supplying key raw materials for electric vehicles and energy storage systems.
Xinhua News Agency correspondents reporting from Barcelona, Spain.
(XHTV)
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