Gotion High-Tech unit to sign €1.094bn battery project contract with Volkswagen's PowerCo Spain
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Chinese battery manufacturer Gotion High-Tech announced on September 28 that its wholly-owned subsidiary, Gotion Spain, plans to sign two engineering procurement and construction (EPC) contracts with PowerCo Spain, a subsidiary of the Volkswagen Group. The contracts, titled 'Phase I Drying Room General Contract' and 'Phase II Engineering General Contract,' are for a lithium battery project with an annual capacity of 29.1 GWh. The total contract value is 1.094 billion euros. The transaction constitutes a related party transaction and is subject to approval by Gotion High-Tech's shareholders' meeting.
Source report
September 28 — Gotion High-Tech announced that its wholly-owned subsidiary, Gotion Spain, plans to sign two contracts with PowerCo Spain, a subsidiary of the Volkswagen Group. The agreements cover the Phase I Drying Room General Contracting Contract and the Phase II General Contracting Contract for the 29.1 GWh lithium battery project with a total contract value of €1.094 billion.
The transaction constitutes a related-party transaction and is subject to approval by the company's shareholders' meeting.
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金十数据Neutral / independent
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Gotion High-Tech Subsidiary Signs 1.094 Billion Euro Engineering Contract with Volkswagen's PowerCo Spain