With an initial £600 million investment planned over two phases, it intends to supply European energy storage, automotive, and e-mobility applications. Full capacity will be reached as early as 2025.
The company will mass-produce and export its market-leading technologies from one of three key markets, the UK, the Netherlands or Spain. It is already actively looking at sites and the final choice is heavily dependent on gaining the right level of central government support and investment.
The host country selected will benefit from the creation of hundreds of direct and indirect jobs, transferring vital skills from Korean battery experts and boosting the economy in a strategic sector crucial to achieving Europe's net zero ambitions.
Eurocell's batteries, developed in Korea, also have a considerable technical advantage, lasting over ten times longer than conventional lithium-ion cells, making them far more sustainable, with no ‘end of life' issues and perfect for ESS applications given its 100% safe and high performance. Their wide range of operating temperatures also makes them ideally suited to areas with extreme weather and without an existing grid network.
Recardo Bruins, CEO Eurocell EMEA “Eurocell in the UK is a new company, led by a highly experienced UK team and backed by our South Korean partner with decades of experience in electro-chemistry, making batteries at mass-scale and building the Gigafactories to produce them. Now we are planning to rapidly expand in Europe, supplying the energy storage and automotive industries with our market-leading technologies that last longer, perform better and are 100% safe. These products can be on the market in months, not years.
“To fulfil our mission, we are actively seeking a European manufacturing base and are in advanced discussions with sites in the UK, Netherlands and Spain. With the right level of central engagement and support we are keen to take advantage of the rapidly growing European market as quickly as possible.”
Eurocell intends to construct its new Gigafactory in two phases. The first phase will begin producing advanced battery cells at scale by early 2023 for existing customers. In parallel a bespoke facility will be constructed on the same site, capable of producing in excess of 40 million cells per year by 2025.