EV Battery: Morocco attracts new Chinese mega-project, whetting investors’ appetite

Morocco’s electric vehicle battery ecosystem is gaining momentum with the announcement of a new $363.5 million investment to be injected by China’s BTR New Material Group in its second plant to be built in Mohammed VI Tangier Tech City.

In its latest press release, the Shenzhen-based firm said its 2nd factory in Morocco will produce annually 60,000 tons of anode materials for Li-ion batteries to power electric vehicles, becoming more and more popular.

BTR also said it will sign a supply deal with American car maker, Ford Motors, expected to place a $120 million pre-order for EV batteries made in Morocco, whetting investors’ appetite.

The Chinese company has invested $496.6 million in its first lithium-ion battery cathode factory in Northern Morocco. Its construction works started last April. The plant is expected to produce annually 50,000 tons of cathode for lithium-ion batteries.

Morocco has deployed an attractive and competitive fully-fledged industry chain for lithium-ion raw materials, including cobalt and phosphate, with its phosphate reserves reaching 50 billion tons, or 71 percent of the global total.

In June, the Chinese-European Gotion High-Tech group agreed with Moroccan government on building a $ 6.5 billion Giga-factory in the Kingdom, the first of its kind in the Middle-east and Africa.