Latest News
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Oil prices rise more than $1 after traders become uneasy over the escalation of US-Iran tensions
The oil prices rose on Thursday after Iran declared that the Strait of Hormuz was a 'critical energy chokepoint' and 'closed it if necessary. This came as the U.S. launched more strikes against Iran, while President Donald Trump threatened to launch even more attacks in the event of a failed peace agreement. Brent futures were up $1.48 or 1.59% to $94.58 per barrel at 0243 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), which is a blend of WTI and Brent, was up $1.71 or 1.90% to $91.74. U.S. crude oil futures rose by more than $3 in the early part of the session. Iran's top Joint Military Command announced on Thursday the closure of the Strait of Hormuz, including oil tanks and commercial vessels, saying that any vessel trying to pass will be shot. In a client note, ING analysts said that the deal was still a long way off. They also noted that energy flow from the Persian Gulf would remain severely constrained. They said that the renewed escalation of fighting caused oil prices to rise in early morning trading. The U.S. military said Wednesday on X, that commercial ships are still transiting in and out the strait. Iran's state-run media had reported that U.S. warships near the waterway have been targeted by drones and missiles. U.S. forces launched additional strikes at multiple targets in Iran, starting at 5:15 pm EDT (21.15 GMT). This is the latest of a series of escalating attacks that have threatened to reignite the full-scale conflict which was stopped in early April after the two sides reached a fragile truce. Trump said to Fox News reporter 'Trey Yingst, on Wednesday evening, that the strikes will stop soon but that he "would bomb the shite out of them", if Iran’s leaders do not sign an accord with the?U.S. immediately. The Iranian blockade, which has lasted for months, of the Strait of Hormuz, which normally transports a fifth of all oil and gas shipments worldwide, has kept 'oil prices high. The EIA reported that U.S. crude oil inventories dropped by 7.2m barrels, to 426.5m barrels, in the week ending June 5. This was compared with the analysts' expectation in a poll, which predicted a draw of 4m barrels. U.S. crude oil inventories have dropped by 79,000,000 barrels, including those in strategic reserves, since the Iran War began on February 28. The top global producer has moved to plug supply gaps as the strait was effectively closed. A survey revealed that OPEC's output fell to its lowest levels in more than two decades in May, due to the U.S. blockade of Iran's exports, and the effective closure by Tehran of the strategic waterway, which slashed shipments coming from other Gulf producers.
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Singapore bank DBS offers tokenised physical Gold to retail customers
DBS Group, Singapore’s largest bank in terms of assets, announced?on Thursday that it would offer tokenised gold to retail customers, as the demand for precious metals grows and the city-state pushes to become a hub for gold trading. Gold remains a popular store of value, despite recent price fluctuations. Gold prices reached a record $5,600 per ounce in this year due to concerns about inflation, geopolitical tensions, and market volatility. But spot gold fell on Wednesday to $4,111.95, its lowest level since March 23, and 27% below that peak. DBS, the largest bank in Southeast Asia, announced in a press release that DBS?Physical gold tokens would be available via its digibank application in the second half 2026. It stated that 'the offering will be the first to allow retail customers in Singapore to digitally access physical gold tokens, hold them and trade them through a single platform. Tokenisation is the process of turning a physical asset into a digital coin that can be electronically traded. Each token is backed by 1 gram of gold that DBS holds in a vault?in Singapore. As of Thursday, a gram of physical gold was worth approximately S$200 ($155). DBS said that customers will be able buy smaller amounts of gold, trade at any time and redeem tokens to get 'physical gold. James Tan, the?group director of investment products, said that gold as an asset class had taken off over the past few years. He added that tokenisation would enable more retail customers invest in gold. DBS is exploring the possibility of?listing the tokens on its DBS Digital Exchange, which is open to accredited investors and institutional partners. DBS Wealth said that physical gold holdings of DBS clients have doubled in the last three years.
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Short-covering of gold has led to a rebound from a six-month low; PPI data is the focus
Short-covering helped gold prices bounce back from a six-month-low on Thursday as investors awaited the key U.S. Inflation report, which could shed light on Fed policy outlook. Gold spot rose 0.4% by 215 GMT to $4,089.12 an ounce, after having fallen as low as $4,022.09 per ounce on November 21 earlier in the day. U.S. gold contracts for August delivery fell?0.5% to $4,111.10. "With prices hurtling toward $4,000, there's an obvious support level that could prompt bears to book a profit quickly or tempt battered Bulls from the sidelines," said Matt Simpson, a senior analysts at StoneX. The US dollar index did not gain much following the CPI report on Wednesday. If there are no nasty surprises in the PPI, then gold may be due for a technical rebound over the near term. The Middle East conflict and the surge in energy prices were a major factor in the increase in consumer inflation in May. The markets are now awaiting the May U.S. Producer Price Index, which is due later today, to assess the monetary policy of the Federal Reserve. Gold is often viewed as an inflation hedge, but higher interest rates can weigh down on this non-yielding metal. According to CME FedWatch, traders are pricing in more than 70% of a U.S. interest rate increase by December. The U.S. Military announced on Wednesday that the United States had launched a "fresh round" of strikes overnight against multiple targets in Iran. This comes after Donald Trump promised new attacks if a peace agreement was not reached. The price of oil rose by more than $2 on Thursday after Iran announced?the closing of the Strait of Hormuz in response to the U.S. attacks. Silver spot rose 0.3%, to $63.86 an ounce. Platinum gained 0.6%, to $1673.75, while palladium climbed by 2.2%, to $1239.89. (Reporting by Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu)
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Elliott criticises Australia's Northern Star over board revamp and sales
Elliott Investment Management, an activist investor, called on Australia's biggest gold miner Northern Star Resources late on Wednesday to restore shareholder value immediately by re-evaluating its board and conducting a formal strategic assessment. They cited severe underperformance. Elliott Investment Management, an activist investor, announced last week that it had acquired a stake of more than A$1 Billion ($700.80 M) in Northern Star Resources. The investor cited severe underperformance and repeated "operational mistakes", including seven missed outlooks over the past four years and a share value that was vastly below its peers. Elliott's call, which was instrumental in convincing BHP to end its dual listing campaign after a five year campaign, came as the $19billion miner was recruiting a new chief executive and planning succession for its chair. In a letter sent to shareholders on Wednesday morning, Northern Star responded to Elliott's proposal by saying that it would be happy to work together with the activist investor. The U.S. investor stated: "The letter from the board indicates that they do not understand the magnitude and change required to gain back the trust of shareholders, starting with significantly strengthening the board themselves." Elliott said that the case for a review of Australia's biggest listed gold miner has become clearer since the board released its letter. Northern Star stated in its letter to shareholders that it did not believe it was the right time for a sale. In its shareholder letter, Northern Star acknowledged that several companies had approached it about considering corporate combinations due to the poor performance of its shares. "I believe that Northern Star will act on a number of things Elliott wants it to, but Elliott's pressuring is going to force Northern Star to move faster," said Daniel Morgan, an analyst with Barrenjoey, in Sydney. Morgan stated that Northern Star wants to continue with its most valuable assets, Kalgoorlie Super Pit and the Hemi Pogo projects. Morgan also said that remaining assets could be sold to mid-tier gold miners who are looking to raise cash, starting this year. Northern Star stated in its letter that, over the past six months, investment banks had suggested a spin-off, an option which was also considered by the miner's financial advisor. However, the miner chose not to pursue this option. Northern Star faced several challenges at its Kalgoorlie Gold operations in Western Australia over the past year. It also said that achieving its lower-end production guidance for fiscal 2026 would be difficult. The company's shares fell by as much as 5.3% in the early hours of Thursday to a price of?A$17.55, the lowest level since March 24. They were also in line with the broader S&P/ASX 200 Index, which had fallen 0.8% as at 0038 GMT. Stocks have lost 33% of their value this year, far outpacing the 5% drop in gold.
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Report: Indonesian floods killed at least 7% orangutans, a rare species.
A new report released on Wednesday shows that deadly landslides and floods in Indonesia's Sumatra have killed at least 7% the population of critically endangered tapanuli apes. At least 1,200 people were killed and 300,000 homes damaged by the cyclone-induced floods and landslides. Environmental groups blamed the rapid deforestation on Sumatra for the extent of damage. The report said that at least 58 Tapanuli Orangutans were killed by the floods. These orangutans are native to north Sumatra, in an area called Batang Toru Forest. This forest is also home to the majority of the 800 primates. The report was a joint study of Borneo Futures in Brunei, World Weather Attribution, and Liverpool John Moores University. It did not cover the rest of the forest. This means that the death toll may have been higher. Satellite images of damage to the West Block of Batang Toru, and historical records of orangutan populations in the area were used to derive the findings. The study found that climate change caused by humans has increased extreme rainfall in the Malacca Strait area, which puts the habitat of the Tapanuli Orangutan at greater risk. Erik Meijaard, the lead author, from Borneo Futures said that the heavy rains soaked up the soil to the point where large areas of?hillsides within the primary forest collapsed into fast-moving land slides. He said: "If you are caught as an orangutan... If anything falls at high speeds, your chances of survival will be minimal. So it was a concern." This level of?loss?is substantial for an animal with a very small population. Combining this with other pressures, such as habitat destruction and conflict between humans and wildlife, makes it even more urgent to implement and properly resource a coordinated species action plan. Panut Hadisiswoyo is another researcher who urged the Indonesian Government to work with NGOs and other researchers to "prevent further decline in orangutan population". "We can reduce the poaching and hunting?and then probably stabilise the number," he said. He added that all parties should pay attention to poor land use, which contributes to a declining population. (Reporting and editing by Gibran Pshimam, David Stanway, and Ananda Teresia)
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EU agrees stronger price controls for new carbon market
The European Parliament announced early Thursday that it had agreed to stronger measures to regulate?prices on its new carbon markets, in response to concerns from governments that the initiative to reduce emissions could increase fuel costs. Negotiators from the?EU and the European Parliament agreed that if the price of permits on the new carbon markets exceeds EUR45 ($52), then 40 million permits from the "stability reserves" will be released to the market to regulate the supply. This is an increase from the previous 20 million. Under the Wednesday evening changes, the reserve can be activated twice per year. This means that 80 million additional permits?can be issued each year. The reserve will be extended to 2030 and beyond, rather than ending in that year. The EU's second emission trading system (ETS), which will be implemented in 2028, will place a price on CO2 emissions from heating and transportation fuels. This is to encourage the shift to electric vehicles and more efficient home heating systems. The ETS will require that fuel distributors and suppliers purchase CO2 permits to cover their own emissions. The proceeds from this scheme will go towards helping people to pay their bills, purchase electric cars, and make energy-saving renovations in homes. The new scheme, known as ETS2, will cover heating and transportation emissions separately from the existing EU emissions trading system that covers heavy industry and power plants. ETS2 price regulation is stricter after governments such as France and the Czech Republic warned that it could stoke opposition to climate change policies if perceived to increase fuel prices. The revisions include a more gradual release from the'stability reserve' of market permits, with smaller quantities becoming available as soon as the number of permits falls below 260 millions, rather than releasing 100,000,000 permits all at once once the total drops below 210,000,000, according to the parliament. Before 2028, the agreement must be?adopted by the European Parliament?and?EU member countries?. In July, the European Commission will likely present a more comprehensive review of ETS2.
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US strikes on Iran boost oil as shares retreat, techs suffer losses.
Asian stocks dropped on Thursday due to a Wall Street sell-off following a higher-than-expected U.S. inflation reading. Meanwhile, renewed U.S. attacks on Iran fueled a rise in oil prices. MSCI's broadest Asia-Pacific share index outside Japan fell 0.9%. The drop was led by a 3% decline in South Korea's KOSPI. S&P 500 e-mini futures ?were ?0.3% lower. The United States launched a new round of attacks against multiple targets within Iran on Wednesday. This came after President Donald Trump had threatened to launch more strikes if a peace agreement was not reached. Iran responded by closing the Strait of Hormuz. Brent crude rose by 2% to $94.93 per barrel after trading resumed in Asia. Analysts believe that Asian stocks, which had been the strongest performers in the last two months, are likely to continue their recent declines as markets question whether or not the high expectations of earnings growth can be sustained. In a client note, Rupal Agarwal is Asia quant strategist for Bernstein in Singapore. She said that given the already stretched valuations of these extreme bullish expectations, they set a vulnerable background for momentum in Korea and Taiwan, as well as in the Asia tech sector. She added that it would be prudent to reduce the stock positions, noting that "the reescalation of the war front could accelerate this unwind." The S&P 500 fell 1.6% on Wednesday and the Nasdaq Composite was 2.0% lower. Data showed that U.S. Inflation accelerated at its fastest rate since April 2023 last month, although in line with expectations. Brent crude prices ended at $93.10 per barrel, an increase of $1.65, or 1.8%. This was after U.S. president Donald Trump warned that he would resume his attacks against Iran. The U.S. Dollar Index, which measures the strength of the greenback against a basket six currencies, has held steady at 100.03 and remained within the trading range that it's been in for the last week. The global reserve currency has reached its highest levels since early April, when the U.S. began negotiating with Iran for a ceasefire. Market expectations for the timing of the rate hike have moved closer but remain very balanced. Fed funds futures now price an implied 51.6% chance that the Federal Reserve will hike rates at its two-day October 28 meeting, compared with a 50.1% probability a day before that it would stay on hold until December. The yield of the U.S. 10 year?Treasury Bond was up 2.6 basis point at 4.564%. Bitcoin fell 0.5% to $61,445.19 while ether dropped 0.6% to $1,619.04 as the upcoming SpaceX IPO prompted a rotation away from cryptocurrencies and speculative investments. Gold fell 0.3% to $4,059.59. (Reporting and editing by Jacqueline Wong; reporting by Gregor Stuart Hunter)
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China's control of indium phosphide threatens AI data center rollout
Jim Anderson, the CEO of Coherent, a chipmaker backed by Nvidia in an earnings call early in May, warned about a shortage of Indium Phosphide. A U.S. delegation of businessmen accompanied President Donald Trump to China. Three sources with knowledge of the matter said that Anderson's trip was to highlight the delays in China's licensing for the export of the high-speed optical chip needed in the manufacturing of AI data centres. According to two U.S. officials and a person who was briefed about the talks, the issue was also raised during the Seoul talks between the top 'trade negotiators' of the two countries in advance of Trump's summit with China President Xi Jinping on May 14-15. Indium phosphide, or InP as it is commonly known in the industry, has become a powerful weapon that Beijing can use to disrupt the global roll-out of AI data centers. Konrad Wang is a SemiAnalysis research analyst. He said that InP was one of many supply chain bottlenecks that collectively limit AI data center buildouts. InP, a material that is essential to the new data center technology, which uses light via optical fibres or photonics instead of electrical signals transmitted through copper wire, is in high-demand. Nvidia announced in March that it would invest $2 billion each into U.S. companies Coherent, Lumentum and Lumentum Photonics. Custom-chip maker Marvell Technology acquired semiconductor startup Celestial AI to take advantage of its photonics work last year. Export restrictions by China on InP, which began in February 2025 have become a major obstacle?in the race to design fastest and most energy-efficient components?for AI data centres. The Chinese commerce ministry has not responded to a request for comments sent by fax. Beijing's control of InP shows that it is ready to extend its export restrictions on rare earths. These have been disrupting global supply chains for automotive, semiconductors and aviation since last year, as a result of Washington's tariff disputes. Paul Triolo is a partner with Albright Stonebridge Group. It is better to slow down or limit the export of upstream materials, such as metals, compounds and substrates. This will allow the optical-module eco-system to scale rapidly enough to meet hyperscaler demands. According to the U.S. Geological Survey, China will be the top indium producer by 2024. Its production will account for 70% of the global total. RIPPLE EFFECT AXT, which is the second largest InP substrate manufacturer in the world and a major Coherent supplier, said that "InP Export Permits represent the greatest challenge we face at the moment." The company said that its Chinese subsidiary, which manufactures the majority of its InP substrates in China, only received its first permits for export last June, and it has a large backlog of orders. SemiAnalysis Wang stated that "the restrictions ripple throughout the entire optical supply chains" beyond AXT or Coherent. He said that despite a quadrupling of production, Lumentum was sold out until 2028, and optical product makers VPEC, LandMark Optoelectronics, as well as Taiwanese VPEC, were experiencing InP substrate disruptions due to AXT permit delay. Since China introduced export controls on InP, a 6-inch InP Wafer's average price has risen 250% to $5,000. Sources familiar with the situation say that two of the largest U.S. chip manufacturers have asked for assistance with export licenses due to rising costs and disruptions. U.S. firms in the photonics industry are also attempting to manufacture their own InP and source them from non-Chinese sources, such as Japan's Sumitomo Electrical Industries. Analysts said that capacity additions were low and slow. It takes about two to three years for new plants to be brought online. Coherent announced in May that it will double its InP wafer production capacity at its Texas facility this year, and plan to do so again by 2027. AXT Coherent Lumentum VPEC LandMark and LandMark have not responded to requests for comments. LandMark signed a long term InP supply agreement with Sumitomo in April. Sumitomo said that the Chinese InP export controls have not had any effect on its production so far. According to a person familiar with China’s photonic chip sector, Sumitomo consumes most of its InP substratum output internally. This means that the global market is undersupplied. Market leaders?AXT, Sumitomo and JX Advanced Metals together account for nearly 80% of the global InP substrate production. CHINESE COMPETITORS China's export restrictions has created an opportunity for local manufacturers to produce InP substrates. Yunnan Germanium, Guangdong Xiandao, and Zhuhai Dingtai Xinyuan, are the leaders in this field. Many of these Chinese companies are rapidly increasing production capacity. Yunnan Germanium announced in April a 189-million-yuan investment ($28-million) to increase production capacity to 450,000 InP wafers per year. In its 2025 annual report, the company reported that shipments of InP Wafers increased by 74%. Guangdong Xiandao launched a new project through its subsidiary Guangdong Xianrui this year. The company expects to produce 40 tons of InP Crystals per annum, which is the raw material required for substrates. Sources at a Chinese InP manufacturer have confirmed that Yunnan Germanium, Guangdong Xiandao, and other Chinese InP manufacturers are currently in discussions with Chinese officials about export approvals. However, if they are approved, their shipments abroad will likely be limited. Source: The company is focusing on the domestic market in the short term. There's no evidence that the Chinese government will favour local players over AXT, which wants to export InP from China. The person added that companies like Coherent and Lumentum - which are primarily supplied by AXT and Sumitomo - would be unlikely to easily switch suppliers, since moving to a different supplier involves lengthy qualification cycles. No response was received from either Yunnan Germanium or Guangdong Xiandao to faxed comments.
Business invest in EV battery factories in Europe
Europe is looking for to draw in electric lorry (EV) battery makers to build factories in the area home to carmakers such as Volkswagen and Stellantis as it tries to cut reliance on Asia and win a green aids race with the United States.
Below is an introduction, including by nation listing those operating and those prepared:
PREPARED FACTORIES IN EUROPE
* Automotive Cells Company (ACC) - a JV of Stellantis, Mercedes Benz and TotalEnergies - protected
funding
worth 4.4 billion euros ($ 4.76 billion) in February as it
plans
to spend over 7 billion euros on 3 gigafactories in Europe with a capacity of 40 GWh each by 2030.
* Stellantis intends to build a
plant
to produce lithium iron phosphate (LFP) batteries in Europe as part of a planned joint venture with Chinese EV battery giant CATL. CEO Carlos Tavares said in January the group was in talks with the Spanish federal government to secure subsidies to build a gigafactory in the nation.
BY COUNTRY
BELGIUM
PLANNED
* SENEFFE-MANAGE: Avesta Battery and Energy Engineering anticipates its 40-million-euro plant to be fully functional before 2030, with capacity of 3 GWh.
BRITAIN
PLANNED
* COVENTRY: The West Midlands Gigafactory JV stated in October it was in innovative talks with a number of Asian battery makers about financial investment at the website, following Coventry's approval for a. potential plant. The pitch includes 60 GWh output with. production start in 2025.
* SOMERSET: India's Tata Group will construct a. 4-billion-pound ($ 5 billion) gigafactory to provide its Jaguar. Land Rover factories. The plant will have preliminary output of 40. GWh, with production starting in 2026.
* SUNDERLAND: China's Envision is developing a factory near. Nissan's plant, with production to start in 2025 and. capability of 12 GWh.
* N/A: Nanotech Energy is investigating seven websites in the. UK as a last location for a prepared 1-billion-pound factory.
CZECHIA
OPERATING
* HORNÌ SUCHÀ: MES targets output of 15 GWh at a plant worth. 1.4 billion Czech crowns ($ 63 million), opened in September 2020. with preliminary capacity of 200 MWh.
FINLAND
PLANNED
* KOTKA: Finnish Minerals Group has actually signed a MoU with a. potential partner for a cell production plant. Environmental. effect assessment for the center, based upon options with 27 GWh. and 40 GWh output, will be completed by summertime 2024.
* N/A: China's Svolt short-listed Finland among other. countries as the prospective area for a battery cell factory. with capability of about 50 GWh.
FRANCE
OPERATING
* DOUVRIN: The ACC Douvrin plant was inaugurated on May 30,. 2023, with operations starting in the 2nd half of the year.
* QUIMPER: Blue Solutions' factory in Ergue-Gaberic was. inaugurated in 2013. The business states on its website its two. factories in France and Canada have combined capacity of 1.5. GWh. It was not clear just how much of this remained in France.
PLANNED
* HAUTS-DE-FRANCE: Stellantis-backed Tiamat Energy plans to. raise 150 million euros to develop a 5 GWh gigafactory for. sodium-ion battery cells by 2029.
* DOUAI: Envision is investing up to 2 billion euros in an. AESC gigafactory near the Renault ElectriCity EV center. The. plant will have capacity of 9 GWh in 2024 and targets 24 GWh by. 2030.
* DUNKIRK: Taiwan's ProLogium is working to protect. federal government subsidies for a 5.2-billion-euro factory. Production. is slated to begin in 2026, with intended capability of 48 GWh.
* DUNKIRK: French start-up Verkor is developing a factory in. Dunkirk with targeted capability of 12 GWh. Renault will. be its most significant client.
GERMANY
OPERATING
* GRUENHEIDE: Tesla is looking for approval from the. German government to double the capacity of its 5-billion-euro. battery plant near Berlin from its present 50 GWh.
* DOBELN: Introduced by Swiss Blackstone Resources at. completion of 2021, the plant targets as much as 5 GWh capacity by 2024.
* ERFURT: China's CATL is ramping up capability of its plant. from 8 GWh to 14 GWh.
* LUDWIGSFELDE: Microvast's plant has capacity of. 1.5 GWh and targets approximately 6 GWh.
PLANNED
* HEIDE: Northvolt on March 25 began building of its. plant after 902 million euros in German government subsidies. were authorized by the European Commission in January. It prepares to. invest 3-5 billion euros in the plant.
* KAISERSLAUTERN: One of ACC's three gigafactories is. expected to begin operations in 2025.
* LAUCHHAMMER, UBERHERRN: Svolt will invest up to 2 billion. euros in 2 plants. The first one in Uberherrn starts. production at the end of 2023, with intended capability of 24 GWh. The second one in Lauchhammer will be functional in 2025, with. target capacity of 16 GWh.
* SALZGITTER: Volkswagen prepares to construct six. plants in Europe amounting to 240 GWh by 2030. Production at the. first plant will start in 2025 with aimed capability of 40 GWh.
* TUBINGEN: Cellforce plans to launch a 100 MWh plant in. 2024.
HUNGARY
OPERATING
* GOED: Samsung's 1.2-billion-euro factory with 30 GWh. capacity started production in 2018.
PLANNED
* DEBRECEN: CATL is constructing a 7.3-billion-euro plant. targeting capability of 100 GWh. It began construction in 2022. and aims to start production in 2-3 years.
* DEBRECEN: China's EVE Power will invest 1 billion euros to. build a 28 GWh plant, Hungary's foreign minister stated in May.
ITALY
PLANNED
* SCARMAGNO, ROMANO CANAVESE: Italvolt expects the. 3.5-billion-euro plant to be operational by 2024, with intended. capability of 45 GWh.
* TEREVOLA: FAAM anticipates its 570-million-euro plant to be. functional by 2024, with targeted capacity of 8 GWh.
* TERMOLI: ACC will spend over 2 billion euros to build a. gigafactory, set to open in 2026 and to reach full capability in. 2030.
LATVIA
PLANNED
* RIGA: Anodox had stated its 50-million-euro plant ought to be. operational by 2022. was unable to verify its status.
NORWAY
PLANNED
* MO I RANA: FREYR anticipates its $1.7-billion plant to be. completely operational by 2028, with aimed capacity of 83 GWh.
* ARENDAL: Morrow anticipates the very first growth of its. 470-million-euro plant to be operational by the first half of. 2024, with intended capacity of 32 GWh.
* HAUGALAND: Beyonder's plant will be completely operational by. 2024, with intended capacity of 10 GWh.
* TRONDHEIM: Elinor invested 10 billion Norwegian crowns. ($ 935 million) in a plant set to begin operations by 2026 and. with capability of about 40 GWh by 2030.
POLAND
RUNNING
* WROCLAW: LG Energy Option's plant started. production in 2017 with capability of 100,000 batteries and a. target of 115 GWh by 2025.
PORTUGAL
PLANNED
* SINES: China's CALB anticipates its factory to begin operating. by end-2025 at 15 GWh and rising to 45 GWh in 2028.
SERBIA
RUNNING
* SUBOTICA: ElevenES opened its LFP battery cell. facility in April aiming for output of 48 GWh by 2027. The. planned financial investment is 1 billion euros.
PLANNED
* CUPRIJA: InoBat prepares to construct a gigafactory with. government funding of 419 million euros. It will be operational. by 2025, with an initial capacity of 4 GWh and a target of 32. GWh.
SLOVAKIA
PLANNED
* SURANY: Slovak start-up Inobat and China's Gotion High Tech. will develop an EV battery factory in Europe by 2026. with preliminary output of 20 GWh.
SPAIN
PLANNED
* BASQUE NATION: BASQUEVOLT prepares to invest over 700. million euros for a plant targeting capability of 10 GWh by 2027.
* NAVALMORAL DE LA MATA: Spain signed a deal with Envision. to construct a 2.5-billion-euro plant with capability of 30 GWh.
* SAGUNTO: Volkswagen and partners said in 2022 they would. invest 10 billion euros in a 40 GWh plant, with production start. by 2026.
* VALLADOLID: InoBat signed a statement of intent with the. Spanish government to establish a 32 GWh factory worth 3 billion. euros.
SWEDEN
OPERATING
* SKELLEFTEA: Northvolt's factory started production in 2021. and targets 40 GWh by 2025.
PLANNED
* BORLANGE: Northvolt's plant is arranged to begin. production in 2025 and be completely functional by 2030, targeting. 150 GWh.
* GOTHENBURG: Northvolt invested 30 billion Swedish crowns ($ 3. billion) in a plant set to begin production by 2025, with intended. capability of 50 GWh.
SWITZERLAND
PLANNED
* FRAUENFELD: SCB anticipates the plant worth 775 million Swiss. francs ($ 880 million) to be totally operational before 2030, with. target of 7.6 GWh.
(source: Reuters)