Russia investment deal to boost gigafactory production

Russia investment deal to boost gigafactory production

Russia investment deal to boost gigafactory production 700 466 Batteries International

June 23, 2023: Russian energy storage firm Renera says a special investment contract providing incentives and financial backing for domestic production of batteries for EVs and stationary storage systems was signed at the St Petersburg International Economic Forum on June 16.

The move follows Russia’s claim last month that it will have produced prototype batteries by the middle of the year.

Now Renera, a subsidiary of state-owned nuclear energy giant Rosatom, says it plans to manufacture more than 18GWh of lithium ion batteries by 2030 — the period covered by the investment contract — although details of the financial support involved were not disclosed.

Signatories to the contract with Renera include Russia’s trade and industry ministry, the Kaliningrad regional government and administrative authorities in the Nemansky district of Kaliningrad, which will host battery production at an initial 4GWh plant in Kaliningrad.

Deputy prime minister and trade and industry minister Denis Manturov said the plant will span nearly 24 hectares and the first batteries will roll off the assembly line in 2025.

Renera said it also plans to develop plans for used  EV batteries to be re-used in stationary storage systems, such as EV charging stations.