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Statevolt plans to build a battery cell gigafactory in Ras Al Khaimah, with a planned capital outlay of $3.2 billion. The battery cells that it will produce will be technology-agnostic, according to the promoters.
The gigafactory will offer battery cells with ‘extended lifecycle’, and which are adaptable to a range of climates and conditions. It will start producing semi-solid state battery cells, with the aim to move to solid state battery cells once the ‘project reaches full capacity’.
It is not known how the $3.2 billion funding will be tapped, whether it will be through Statevolt itself or through strategic partners. But as is widely known, such facilities tend to be heavy on the capital expenses side, and the scale of the production needs to be high from the outset to justify the expenses.
The Statevolt Emirates’ gigafactory is to ‘meet the surging global demand for energy storage solutions’, deemed as crucial for stabilizing the grid. And will focus on key export markets such as Africa, India, the UAE, and the broader Middle East.
It will have an annual production capacity of up to 40GWh on reaching full operations. The site in Ras Al Khaimah will take up 60 hectares in Al Hamra Industrial Zone in RAKEZ, the emirate’s free zone authority.
Lars Carlstrom, Founder and CEO of Statevolt, said: “Our $3.20bn investment in the Ras Al Khaimah Gigafactory, using next-generation technology, highlights this commitment, aiming to meet the growing demand for energy storage solutions across Africa, India, the UAE, and the Middle East.”
“We greatly value the support from the Ras Al Khaimah Economic Zone authorities and are confident that our partnership will bring success and significant opportunities for the community. We are happy to be able to be a player in one of the world’s most prospering economies who are now taking the lead in new industrialization,” he added.
