European battery maker Avesta Holding plans to build new Gigafactory

European battery manufacturer Avesta Holding announced plans to build a new super factory to focus on the production of advanced lithium iron phosphate (LFP) batteries. The factory is initially planned to have an annual production capacity of 5GWh and will provide support for its subsidiary Avesta Battery & Energy Engineering (ABEE), battery factory BE-Volt and other strategic partners. As the factory scales up, the production capacity is expected to reach 20GWh.