European startup Statevolt plans to build battery gigafactory in UAE

On April 3, 2024, European startup Statevolt announced that it would invest $3.2 billion to build a cutting-edge battery super factory in Ras Al Khaimah, UAE. The factory will adopt a modular design, initially focusing on the production of semi-solid batteries, and plans to switch to the production of all-solid-state batteries after full production. The annual production capacity is expected to reach 40GWh to meet the global demand for energy storage solutions. The project covers an area of ​​60 hectares and is expected to create 2,500 jobs. Statevolt has cooperated with RAKEZ, aiming to put the first production line into operation by the end of 2026.