Gotion High-tech, a leading Chinese battery maker, is set to expand its presence in international markets with plans to build energy storage plants in Spain. The company recently announced a cooperation agreement with Spain’s Phi4Tech Technology Group and the UAE’s Unicorn RE to collaborate on energy storage and new materials development in Spain.
According to Gotion, the partnership will focus on a range of projects in the European energy sector, from new materials to final energy solutions. This move is expected to open up new growth opportunities for Gotion in the European energy storage market and promote the development of new energy chains in southern Europe.
See also: Gotion High-tech Launches New Batteries and Enters All-Solid-State Battery Market
As part of the agreement, Gotion signed deals with Phi4Tech’s Nanomate and SiloGrid for business cooperation on battery materials and energy storage power plants, respectively. Unicorn RE will leverage its resources in the UAE and Europe to assist both new energy businesses in tapping into the Spanish market.
Phi4Tech Technology Group, a key player in the energy technology sector, operates in raw material mining, storage projects, and material design. The group owns Europe’s second-largest lithium mine and only nickel mine, and is leading the largest storage and environmentally friendly capacitor plant project in southern Europe.
Unicorn RE, on the other hand, is an international M&A business unit in the UAE specializing in cross-border investments for Chinese and European companies.
Gotion, currently the ninth-largest battery maker globally with a 2.1 percent share of the world’s installed base of power batteries, is backed by Volkswagen, which increased its stake to 26.47 percent in December 2021, becoming its largest shareholder.
In September 2023, the company acquired a 25 percent stake in European battery maker InoBat AS, marking its first major investment in a European startup. This move is aimed at creating an R&D and localized battery value chain in Europe, the Middle East, and Africa, with an initial focus on Central and Eastern Europe as well as Morocco to develop green battery materials.