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Chinese electric battery maker BTR New Material Group (835185.BJE) has been given the go-ahead by the Moroccan government to build a factory near Tangier to produce a key component, the cathode.
[next] BTR plans to construct a lithium battery cathode material project in Morocco with an annual production capacity of 50,000 tons.
Morocco is considered a good location for EV battery factories because Moroccan officials have pitched the north African country as having an existing auto industry and renewable energy sectors, and the presence of raw materials including cobalt and phosphates.
The strategic partnership aims to produce ternary CAM precursors for lithium-ion batteries as well as lithium iron phosphate (LFP) and recycle black mass from used batteries. A joint venture has been established between the two companies to advance the project.
CNGR Morocco New Energy, a subsidiary of CNGR, will hold a majority 50.03 percent stake in the joint venture, while Al Mada’s subsidiary NGI will hold 49.97 percent.
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