Farasis to launch batteries joint venture with Turkish auto group TOGG
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Gürcan Karakaş (left) and Farasis' European business head Sebastian Wolf. Photo: TOGG
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Turkish automotive group TOGG is set to produce lithium-ion batteries in Turkey for electric vehicles in partnership with China’s Farasis Energy – with plans to jointly expand into the domestic and regional energy storage markets.
Under the terms of a letter of intent signed by both sides, Farasis will initially supply batteries to TOGG and develop and produce battery modules and packs as part of a joint venture company in Turkey.
The new company is expected to be launched early in 2021, subject to approvals by the boards of TOGG and Farasis.
Financial details of the venture were not disclosed, but TOGG CEO Gürcan Karakaş said his company would become Farasis’ "exclusive representative in the region”.
'Enhance energy storage'
Karakaş said Farasis, founded in San Francisco in 2002, had been chosen after evaluating more than 30 international battery suppliers.
"This cooperation will go beyond producing electric vehicle batteries in Turkey, but also improve battery R&D; competencies in our country, trigger the automotive manufacturers to bring their electric vehicle projects to our country, and to enhance the energy storage business with non-automotive energy storage products in Farasis' product portfolio,” Karakaş said.
Farasis co-founder and CEO Dr Yu Wang said: "We value Turkey as the next big market for electrification and thus an ideal location along with TOGG as a greatly innovative partner doing the right work, at the right time, in the right place, to support the ambitious growth plans of our company.”
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Mercedes-Benz invests in China's Farasis Energy
Under the terms of a letter of intent signed by both sides, Farasis will initially supply batteries to TOGG and develop and produce battery modules and packs as part of a joint venture company in Turkey.
The new company is expected to be launched early in 2021, subject to approvals by the boards of TOGG and Farasis.
Financial details of the venture were not disclosed, but TOGG CEO Gürcan Karakaş said his company would become Farasis’ "exclusive representative in the region”.
'Enhance energy storage'
Karakaş said Farasis, founded in San Francisco in 2002, had been chosen after evaluating more than 30 international battery suppliers.
"This cooperation will go beyond producing electric vehicle batteries in Turkey, but also improve battery R&D; competencies in our country, trigger the automotive manufacturers to bring their electric vehicle projects to our country, and to enhance the energy storage business with non-automotive energy storage products in Farasis' product portfolio,” Karakaş said.
Farasis co-founder and CEO Dr Yu Wang said: "We value Turkey as the next big market for electrification and thus an ideal location along with TOGG as a greatly innovative partner doing the right work, at the right time, in the right place, to support the ambitious growth plans of our company.”
Related article in our archive:
Mercedes-Benz invests in China's Farasis Energy