Farasis Energy starts joint venture with TOGG
Battery company Farasis Energy and mobility provider, TOGG, have sealed a joint venture deal to develop and produce energy storage solutions for e-mobility and beyond. Both parties have a 50% stake in the SIRO joint venture.
Farasis Energy and TOGG have together created a joint venture called SIRO, in which each party has a 50% share. SIRO develops and manufactures batteries that are used, among other things, in TOGG's entire product range. But the JV will also offer energy storage solutions for other car manufacturers and for applications beyond electric cars and commercial vehicles. Farasis Energy and TOGG had already signed a Letter of Intent in October 2020 to work out the details of a strategic collaboration. "The joint venture between Farasis Energy and TOGG marks the dawn of a new era in the electrification of Turkey," says Dr Yu Wang, co-founder and CEO of Farasis Energy in a press release. "We are proud to be part of this initiative and e-mobility offensive that we are driving and shaping together. For Farasis Energy, the establishment of the joint venture is another important milestone in the development and expansion of an international and European strategic network." SIRO's headquarters are in Bilisim Vadisi near Gebze, the Turkish "IT Valley" in the northwest of Turkey. Serial production will take place in Gemlik, about half an hour's drive from Bilisim Vadisi. There, parallel to the production ramp-up of TOGG, a new battery plant is currently being built. Production will start in the second half of 2022. In the first step, battery modules and packs will be assembled and manufactured there. The battery cells required for this will initially be supplied by Farasis Energy. In the next step, it is planned to also produce the battery cells in Gemlik, Turkey.