Iberdrola Unveils Plans To Invest EUR500mn To electrify Volkswagen's EV Battery Factory in Spain

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Iberdrola Unveils Plans To Invest EUR500mn To electrify Volkswagen's EV Battery Factory in Spain

• 09 May 2022
• Spain
• Infrastructure

News: Iberdrola has unveiled plans to invest EUR500mn (USD527.1mn) to electrify Volkswagen's electric vehicle (EV) battery factory in Spain. The gigafactory, to be located at Sagunto in Valencia, will be used to manufacture 40GWh of batteries using renewables, for which a 2.5sq km solar farm will also be constructed nearby. Volkswagen and it's unit SEAT would also invest EUR10bn (USD10.5bn) in the EV business to develop two SEAT sites to manufacture small EVs, construct EUR3bn (USD3.2bn) battery gigafactory in Sagunto and establish a battery chain. Volkswagen and SEAT plan to secure funds for the project from the government. Construction of the factory is due to start in 2023 (Renewables Now).

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