Chinese lithium giant Ganfeng Lithium has entered into a strategic partnership with Turkish battery manufacturer Yiğit Akü to create a $500 million joint venture aimed at advancing lithium battery production. This collaboration marks a significant step for Ganfeng as it expands its involvement in the downstream segment of its value chain by producing batteries in Turkey.
The newly established joint venture will focus on building a battery factory in Turkey with an annual production capacity of 5 gigawatt-hours (GWh). The facility will concentrate on developing and manufacturing both current and next-generation lithium battery technologies. Notably, the batteries produced will cater to various applications, including marine and aviation sectors, as highlighted in Ganfeng’s official announcements.
Yiğit Akü, a company primarily known for its lead-acid batteries, has also been involved in the production of lithium batteries for smaller industrial and recreational vehicles, such as forklifts and golf carts. Founded in 1976 and listed on the Istanbul Stock Exchange, Yiğit Akü operates four manufacturing sites across Turkey.
For Ganfeng Lithium, which is recognized as the world’s largest lithium processor by market capitalization, this venture represents a strategic move to enhance its battery production capabilities. The company has been increasing its investments in battery manufacturing over recent years. Notably, in January 2023, Ganfeng announced plans to invest 15 billion yuan in building two new battery factories, aiming to raise its production capacity by 34 GWh, reaching a total of approximately 100 GWh annually.
Additionally, in late September 2022, Ganfeng unveiled a major project in Yichun, Jiangxi province, where it plans to construct an integrated lithium mining and battery production base. This ambitious project, valued at 30 billion yuan (around 4.4 billion euros), is expected to have a production capacity of 30 GWh per year for new types of lithium-ion batteries and 7,000 tonnes per year for lithium metals.
