Portugal investment news - China is investing 2 billion euros in Portugal for producing lithium batteries, through Chinese state-owned company, China Aviation Lithium Battery Technology (CALB). CALB Group Co Ltd is a subsidiary of Aviation Industry Corporation of China and is traded on the Hong Kong Stock Exchange (HKSE).
CALB will invest in a lithium battery factory in the Sines Industrial and Logistics Zone (ZILS) in the district of Setúbal, Portugal, that is the largest logistics zone on the Iberian Peninsula. The CALB industrial unit will be located on a 45-hectare plot of land and will have a capacity of 15 gigawatt-hours (GWh), that is around 38.6 million cells per year.
CALB Group Co Ltd will start producing lithium car batteries in Portugal by the end of 2025. The CALB lithium battery plant in Portugal is recognized as a project of Potential National Interest (PIN) since sales of lithium batteries could represent more than 4% of the Gross Domestic Product (GDP).
Within four years, CALB expects to expand its facilities, and to increase production from 15 to 45 GWh. The investment in Portugal will lead to the creation of 1,800 direct jobs to manufacture more than 187,000 batteries for electric cars annually.
Worldwide, the batteries market is expected to grow by around 800% in just five years and much of that will be in Europe, according to Buck Consultants International.
What is the company China Aviation Lithium Battery Technology (CALB)?
CALB Group Co Ltd, that is headquartered in Changzhou City in the Jiangsu Province, is a new energy technology company that produces and sells EV batteries and energy storage system (ESS) products worldwide including China, Europe, Asia, and the US. CALB produces vehicle packs for electric passenger vehicles and for electric buses, as well as energy storage modules for energy storage systems. The CALB Group has 21,587 full-time employees and is also the second largest producer of ternary nickel batteries.
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