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Total, PSA To Establish JV To Produce Electric Vehicle Batteries

Total and Groupe PSA plan to establish a joint venture naming 'Automotive Cell Company' that will manufacture batteries for electric vehicles in Europe.

The joint venture will aim to produce one million batteries per year by 2030. That would represent around 10% -15% of the European market. Ultimately, about 5 billion euros will be required to complete the ambitious program, Total said in a statement.

The project will receive 1.3 billion euros in public funding during the development phase, Total said.

Total and Groupe PSA received support from French, German and European Union authorities for the project. Total expects that the project will receive about 1.3 billion euros in public funding during its development phase.

The first phase will trigger the investment decision for a large-scale production of 8 GWh initially in the northern Hauts-de-France region, rising to 24 GWh later on. It will be followed by a second one of equal capacity in Germany, in order to reach 48 GWh of combined capacity by 2030.

The battery technology will be provided by Total's subsidiary Saft.

The first phase of the project focuses on R&D, including building a pilot plant on the land of Saft's Nersac facility. The plant is scheduled to start up in mid-2021 and represents an investment of 200 million euros. The project will generate around 200 jobs in France's Nouvelle-Aquitaine region to develop lithium-ion batteries.

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