BUSINESSJul 24 · 15:17 UTCWTOP DCWTOP Staff

Morocco secures $114 million in funding for Africa’s first EV battery factory

The African Development Bank approved a $110 million loan to support the construction of Africa’s first EV battery gigafactory in Morocco, led by Gotion Power Morocco. The project, part of a broader $272.6 million initiative, aims to produce 10 gigawatt-hours of battery cells annually initially, with plans to expand to 100 GWh, fostering green jobs and renewable energy integration.

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African Development BankorganizationGotion Power MoroccoorganizationMoroccoplaceRabat-Salé-Kénitra Free Trade ZoneplaceGotion High-Tech Co. Ltd.organizationKevin KariukipersonAchraf Tarsimpersonlithium iron phosphatetopic

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