Swedish tech company Anodox Energy Systems has announced plans to produce electric vehicle batteries in Latvia, with the first factory in the Port of Riga expected to be operational by December 2022. A second factory for rapidly growing LFP cell technology will be established soon after.
A second factory for rapidly growing LFP cell technology will be established soon after. A total of €50 million will be invested and up to 300 new jobs will be created. This announcement aligns with Riga’s effort to establish Latvia as a European hub in the global automotive value chain.
LFP batteries have recently been adopted by Tesla Motors and are known to be long lasting and produced at a lower cost than many of the electric vehicle batteries on the market today. “This means that the battery production cycle will be completed in Latvia, from raw material to complete system.
"We are thrilled and grateful to announce our entry into Latvia and the establishment of the first LFP factory in Europe. It would not be possible without the strong support from the Latvia Government, LIAA, Altum and our customers Jinpeng Group and AKINSI Auto.” Theodore Zannakis, Anodox CEO
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