American Manganese Inc (AMYZF)

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Italvolt Apr 29, 2021

Italvolt, a company founded and led by Lars Carlstrom, former founder of Britishvolt, has said it will invest 4 billion euros to build the first Gigafactory in Italy, to meet the growing demand for lithium-ion batteries from the European automotive industry. Italvolt will be the first Gigafactory in Italy and the largest in Europe and the twelfth in the world in size: with a final production target of 70 GWh per year, the first phase of the new plant should be completed in 2024, with a capacity of 45 GWh and 300,000 m2 expected. The European Union is pushing to increase battery production on the continent to compete with China, which currently hosts about 80% of the world's production capacity of lithium-ion cells, with the aim of being self-sufficient by 2025: the lithium-ion cell production market is in the hands of China, South Korea, Japan and the USA.