German/Armenian Elbat spends $30m to expand battery production
Lead-acid battery manufacturer Elbat, which is based in Armenia, has invested $30 million (14.5 billion drams) to expand production, the Armenia-based news agency Arka reported on December 29.
Elbat, a German/Armenian battery company formed in 2007, commissioned its plant in 2010 to become the first and only car battery plant in the Caucuses, a mountainous region on the European and Asian border.
It makes automotive, forklift, golf cart, UPS and solar system batteries.
According to the report, the Armenian government’s decision to provide the company with customs privileges for the import of raw materials and equipment led to an expansion and modernization of the company.
At a government meeting on December 28, deputy economic development and investments minister Tigran Khachatryan said two thirds of the batteries produced would be sold in Armenia.