Morocco secures $114 million in funding for Africa’s first EV battery factory
The project will produce 10 gigawatt-hours of battery cells and packs a year in its first phase, the bank said.
- On Friday, the African Development Bank approved a $110 million loan to Gotion Power Morocco to construct Africa's first integrated LFP battery gigafactory in the Rabat-Salé-Kénitra Free Trade Zone.
- Kevin Kariuki, the bank's vice president for Power, Energy, Climate and Green Growth, called battery storage the 'missing link in Africa's clean energy transition,' emphasizing the facility's role in supporting renewable energy integration.
- Led by China's Gotion High-Tech, the facility will initially produce 10 GWh of battery cells annually, with plans to expand to 100 GWh while creating more than 600 jobs and achieving a 70% local industrial integration rate.
- The factory integrates into Morocco's automotive hub of more than 250 manufacturers including Stellantis and Renault, which Achraf Tarsim, the AfDB's country manager for Morocco, said will foster an African industrial ecosystem for batteries and electric vehicles.
- Serving as mandated lead arranger, the AfDB plans to mobilize up to $162.6 million in additional financing from development partners under the New African Financial Architecture for Development initiative.
23 Articles
23 Articles
This is a Chinese initiative and plans to create 600 jobs
Morocco secures $114 million in funding for Africa's first EV battery factory
The African Development Bank has approved a $114 million loan to help finance the construction of Africa's first electric vehicle battery gigafactory in Morocco, marking a milestone in the continent's clean energy industrialization drive.
Associated Press News
Morocco secures $114 million in funding for Africa’s first EV battery factory
The African Development Bank has approved a $114 million loan to help finance the construction of Africa’s first electric vehicle battery gigafactory in Morocco, marking a milestone in the continent’s clean energy industrialization drive.
$1.3bn Morocco Battery Gigafactory: AfDB Approves $114M Loan Towards Africa's LFP Battery Plant
Morocco battery gigafactory project has reached a major financing milestone after the African Development Bank (AfDB) approved a €100 million ($114 million) loan to support construction of Africa’s first integrated lithium iron phosphate battery gigafactory. The funding strengthens Morocco’s position as an emerging electric vehicle manufacturing hub while accelerating one of the continent’s most significant […] The post $1.3bn Morocco Battery Gi…
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