August 21, 2024: China’s Ganfeng Lithium has outlined plans to set up a $500 million joint venture for lithium battery production with Turkish lead acid producer Yiğit Akü.

Ganfeng said in a Shenzhen Stock Exchange announcement on August 17 the companies had signed an intentional framework cooperation agreement to build a 5GWh plant in Turkey and look to jointly develop solid-state batteries and batteries for ships and the aerospace industry.

Ganfeng, one of the world’s leading lithium producers, cautioned investors that making progress on launching the joint venture was subject to market conditions.

However, the company said the partners complemented each other’s strengths and both were determined to jointly expand battery production in Turkey.

Ankara-based Yiğit Akü has four production sites and two battery R&D centres in the country, Ganfeng said.