Friday, February 23, 2024

PowerCo SE Announces Construction of Gigafactory Valencia for Sustainable Battery Production

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What’s Happening: PowerCo SE, a Volkswagen Group battery company, has initiated construction of its second gigafactory in Valencia, Spain, set to produce unified cells starting in 2026. The factory will directly employ over 3,000 individuals and potentially create up to 30,000 indirect jobs in the region.

Why It Matters: The gigafactory is a significant part of Volkswagen‘s NEW AUTO strategy and aims to establish PowerCo as a global player in the battery business. The Valencia plant, along with two other sites in Salzgitter and St. Thomas, Ontario, will contribute to more sustainable mobility solutions.

Key Points:

  • The Valencia gigafactory will have an initial annual production capacity of 40 GWh, potentially expandable to 60 GWh.
  • The 130-hectare facility is strategically located near Valencia, providing access to low-cost green electricity, strong transport infrastructure, and proximity to Volkswagen’s Spanish production sites.
  • The factory will be powered entirely by green electricity, including solar and wind energy from nearby sources.
  • The Valencia gigafactory is part of the €10 billion “Future: Fast Forward” investment program, which also includes the electrification of Volkswagen’s car factories in Martorell and Pamplona.

Bottom Line: PowerCo SE’s gigafactory in Valencia signifies a significant step towards a sustainable transition in mobility, as well as a commitment to creating jobs and fostering economic development in the region. The factory will contribute to PowerCo’s goal of generating over €20 billion in annual revenue by 2030.

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