BEIJING – China’s Ganfeng Lithium Group announced on Friday that its subsidiary has signed an agreement with Turkey’s leading battery producer, YİĞİT AKÜ, to establish a $500 million joint venture focused on lithium battery production.
The joint venture will see Jiangxi Ganfeng Lithium Battery Technology and YİĞİT AKÜ collaborate to build a lithium battery plant in Turkey with an annual production capacity of 5 GWh. The agreement marks a significant step in expanding battery production capabilities, leveraging Ganfeng’s expertise in lithium technology and YİĞİT AKÜ’s position as a top producer of lead-acid batteries in the region.
The details of the agreement were disclosed in a filing to the Shenzhen Stock Exchange.