The African Development Bank has approved a $114 million loan to support construction of Africa’s first battery gigafactory in Morocco. Developed by China’s Gotion High-Tech, the project will require an initial investment of about $1.3 billion to build an integrated lithium iron phosphate battery plant. When completed, the plant will produce cathodes, anodes, and battery cells, with much of the output destined for export to Europe. The AfDB also plans to mobilize up to $160 million in additional financing from development partners in support of the project. The project marks a significant step in Africa’s push to move beyond raw material exports and into higher-value battery and clean-energy manufacturing.
Reuters