Ganfeng Lithium to Launch $500 Million Joint Venture with YIGIT AKU in Turkey

Ganfeng Lithium's subsidiary, Ganfeng LiEnergy, has announced plans to form a long-term strategic partnership with Turkish battery manufacturer YIGIT AKU.

The collaboration aims to leverage Ganfeng Lithium's extensive industrial chain and resources alongside YIGIT AKU's strong presence in Turkey's battery manufacturing sector and its international market reach.

As part of this partnership, the two companies intend to establish a joint venture in Turkey, with an investment of $500 million. The joint venture will focus on constructing a lithium battery project with an annual production capacity of 5GWh. This project will include both a lithium battery production line and a battery pack production line, with the latter’s capacity to be adjusted based on market demand.

In addition to production, the joint venture plans to establish a research and development (R&D) center dedicated to advancing lithium battery technologies. The R&D center will focus on areas such as solid-state batteries, high-power batteries, marine batteries, and aerospace batteries, with an emphasis on new technology development, R&D projects, and intellectual property applications.

YIGIT AKU, with its four production sites, two R&D centers, and the largest R&D team in Turkey, serves over 500 partner customers across more than 100 countries globally. This partnership is expected to capitalize on the complementary strengths of both companies to expand their business footprint in Turkey and internationally.

In the stock market, Ganfeng Lithium's H-shares saw a rise of 3.89% during the morning session today, reaching $17.62, with a trading volume of 1.6054 million shares, amounting to $27.7954 million.