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UK in line for ProLogium’s $8Bn lithium battery gigafactory in Europe

UK in line for ProLogium’s $8Bn lithium battery gigafactory in Europe

The UK is reportedly in contention for setting up Taiwanese battery maker, ProLogium’s, $8 billion lithium battery Gigafactory, coming on par with other EU nations in the race to establish sustainable local electric vehicle industries.

Amidst the global energy transition, countries across the globe have increased their support for domestic electric vehicle markets.

The UK established an Automotive Transformation Fund last year through which it invested £1 billion ($1.15 billion) into domestic industrial electric vehicle supply chain projects.

ProLogium is keeping a watch on establishing its first main factory in Europe, which will see an investment of $8 billion over the next ten years.

The factory is anticipated to be the biggest in Europe. The UK is contending alongside Germany, Poland, France, and the Netherlands for the hub and the heap of job opportunities the factory is expected to create.

Upon the site’s completion, it will have an annual capacity target of 120 GWh.

Lithium batteries, called the ‘new oil’ by SpaceX boss Elon Musk, are major components used in electric vehicles.

The Taipei-based manufacturer raised $326 million in a financing round last year to expand its global electric vehicle battery production capacity.

Vincent Yang, Chairman, and CEO, ProLogium, stated that for most Asian firms to go overseas, a strong foundation with deep-rooted strategic planning holds utmost significance.

He said that selecting a site requires the right technology and solutions for that location’s market, as well as in-depth knowledge of market demands and trends there.

ProLogium is looking for government incentives, energy security, an existing supply chain, and a pool of competent labor, among other things.

Much like the computer chip sector, which is crucial for the transition to electric vehicles, government incentives are significant for the development of the onshore industry.

Gilles Normand, European Vice President, International Development at ProLogium, stated that during his front-line visit to all potential locations, he came across a lot of talented and motivated people. He was pleased to see the enthusiasm and understanding regarding the company’s technology and upcoming industrialization plans.

Normand added that the process of selecting the final site is going to be a tough one.

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and Newsorigins. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.