Oil Major Total, Carmaker PSA Set Up $6B EV Battery Venture Supermajor Total continues to invest in clean energy by creating a joint venture with automaker Groupe PSA to manufacture batteries for electric vehicles in Europe—a project expected to mobilize investment of more than US$5.9 billion (5 billion euro).
Total, via its subsidiary SAFT, will contribute to the project with industrialization and research and development (R&D) expertise, while PSA will contribute its automotive production experience, the French oil giant said in a statement.
An R&D center in Bordeaux and a pilot site in Nersac, France, have already launched work to develop new high-performance lithium-ion technologies. The companies plan to launch mass production after the R&D phase ends at two gigafactories in Europe, one in Douvrin, France, and one in Kaiserslautern, Germany.
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