Rome pledged last month to provide 369 million euros ($407 million) of public money for Termoli, and Stellantis CEO Carlos Tavares said the investment for the new site could be similar in size to those planned for the gigafactories in France and Germany, where the investment is seen at around 2 billion euros each.
ACC said in a statement Wednesday that the three partners have committed to increase total industrial capacity to at least 120 gigawatt hours by 2030 and scale up the development and production of next-generation high-performance battery cells and modules.
The updated capacity plan will mobilize an investment of more than 7 billion euros, ACC said in the statement.
The production capacity of ACC’s French and German plants will each be increased to 40 GWh from the 24 GWh initially planned. Those plants are expected to come on line in 2023 and 2025, respectively.