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Blackstone to invest €200 million in German battery production

Swiss based Blackstone Resources AG announces that is setting up a new subsidiary – Blackstone Research GmbH – in the city of Erfurt in Germany, with the aim to start manufacturing EV batteries close to the European automakers.

This newly created firm will be wholly-owned by Blackstone. It will provide an important platform for the company to carry out further research and allow Blackstone to establish a substantial battery-production project in Germany. The aim is to manufacture the next generation of electric-vehicle batteries, close to where German auto manufacturers are based. EUR 200 million will be invested into this new project, initially from Blackstone's own funds with the aim to garner support from subsides provided by the EU’s research and development funds, and the German government at both a state and local level, the company disclose in a press release. Blackstone aims to have an initial capacity of 100 million battery cells per annum, which is the equivalent of 25'000 to 100'000 electric-vehicle batteries, during the project's first phase. Further phases will increase the production substantially. Blackstone is currently looking at the optimal site for its battery manufacturing facilities. One location being considered could in the town of Eisenach, which sits 50 kilometres to the west of Erfurt. This would place the facility in close proximity to car manufacturer Opel and other Chinese-owned battery manufacturers. An alternative location could be Braunschweig (Brunswick) in Lower Saxony, Germany. A facility in this region would place it close to car manufacturer Volkswagen, which is set to invest heavily in battery production and R&D. The German government has also announced plans to potentially base one of two billion-euro battery production facilities in this region, which would be supported by a consortium of privately own companies. The aim of the initiative would be to help to produce all of European electric vehicle batteries by 2030.
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August 21 2019 3:49 pm V14.1.4-1