VinES & Gotion High-Tech break ground on new battery factory
Vingroup company, VinES Energy Solutions, and Gotion have broken ground on the companies new LFP battery cell factory in Vung Ang Economic Zone (Ha Tinh) in Vietnam.
The project has a total investment of more than USD 275 million with a design capacity of 5GWh/year, which the companies say is the equivalent of approximately 30 million battery cells per year.
The joint venture LFP battery cell factory, funded by VinES and Gotion, will produce rechargeable LFP (Lithium Iron Phosphate) battery cells, mainly used for EV batteries and energy storage systems (ESS).
With a high level of automation and an optimised production process, the joint venture LFP battery cell factory will fill the needs of VinFast's electric vehicles. In a later phase, VinES and Gotion will research and expand the project according to the market's development opportunities and potential.
"Located next to the VinES battery pack manufacturing in the Vung Ang Economic Zone, this new factory will complete the closed loop production of LFP Batteries in Vietnam, thereby improving localization for VinFast's EVs and optimizing production efficiency. In addition, the factory will also open up new development opportunities for the Vietnamese EV and clean energy industry," says Ms. Pham Thuy Linh, CEO of VinES, in a press release.
The facility – which will be the first LFP battery plant in Vietnam – is currently expected to start mass production in the third quarter of 2024 and will create 500 new jobs.