Farasis Energy seals joint venture with TOGG
November 30, 2021 (PRLEAP.COM) Business NewsFrickenhausen near Stuttgart, 30.11.2021 – Farasis Energy, one of the leading suppliers of innovative lithium-ion-based batteries, and the global UseCase Mobility™️ provider TOGG have sealed a joint venture to develop and produce energy storage solutions for e-mobility and beyond. Both parties have a 50 per cent stake in the SIRO joint venture.
Farasis Energy and TOGG have sealed their joint venture called SIRO, in which each party has a 50 percent share. SIRO develops and manufactures batteries that are used, among other things, in TOGG's entire product range. But SIRO also offers energy storage solutions for other car manufacturers and for applications beyond electric cars and commercial vehicles. Farasis Energy and TOGG had already signed a Letter of Intent in October 2020 to work out the details of a strategic collaboration. "The joint venture between Farasis Energy and TOGG marks the dawn of a new era in the electrification of Turkey," says Dr Yu Wang, co-founder and CEO of Farasis Energy. "We are proud to be part of this initiative and e-mobility offensive that we are driving and shaping together. For Farasis Energy, the establishment of the joint venture is another important milestone in the development and expansion of an international and European strategic network."
SIRO's headquarters are in Bilisim Vadisi near Gebze, the Turkish "IT Valley" in the northwest of Turkey. Serial production will take place in Gemlik, about half an hour's drive from Bilisim Vadisi. There, parallel to the production ramp-up of TOGG, a new battery plant is currently being built. Production will start in the second half of 2022. In the first step, battery modules and packs will be assembled and manufactured there. The battery cells required for this will initially be supplied by Farasis Energy. In the next step, it is planned to also produce the battery cells in Gemlik, Turkey.
Development and production from a single source
In addition to SIRO's production facility, a research and development centre is being established in Bilisim Vadisi near Gebze. Lithium-ion NMC batteries based on Farasis Energy's innovative technology are to be developed there. The joint venture will also offer battery energy storage solutions beyond the automotive sector in the medium term. "We are envisioning to become a global USE-CASE MOBILITY™️ provider. We will be providing User-centric, Smart, Emphatic, Connected, Autonomous, Shared and Electrified mobility devices and are building a mobility ecosystem around them. Battery technology is a crucial part of what we aspire to do. And our goal with SIRO is to go beyond producing electric vehicle batteries in Turkey and also improve battery R&D competencies in our country", explains Gürcan Karakaş, CEO of TOGG. Dr. Stefan Bergold, Head of Business Development EU & US of Farasis Energy Europe, is convinced: "The Turkish market for lithium-ion based energy storage solutions will experience significant growth in the coming years. Therefore, we are pleased that the cooperation between TOGG and Farasis Energy, which started with the supply of batteries, is now developing into a long-term partnership. The joint venture with TOGG is the logical continuation of our strategy: to develop and produce high-performance pouch cells that set the highest standards worldwide – now also in Turkey."
About Farasis Energy
Farasis Energy is a developer and producer of high-performance lithium-ion battery technology and pouch cells for electromobility and other power storage applications. Founded in California in 2002, the company currently operates research and development centers in China, Germany and the United States. There are currently two production facilities in Ganzhou and Zhenjiang (China) with a current total capacity of 21 GWh/a. A third production facility with a targeted capacity of 24 GWh/a is at present being built in Wuhu (China). A fourth production site is under construction as a joint venture with TOGG in Gemlik, Turkey. In addition to TOGG, Farasis Energy's major strategic partners include companies such as Daimler and Geely.
TOGG is a global USE-CASE MOBILITY™️ provider whose intellectual property rights are owned by Turkey and will compete on a global scale. Founded on June 25, 2018, TOGG continues its activities with the cooperation of Anadolu Group, BMC, Turkcell, Zorlu and the Union of Chambers and Commodity Exchanges of Turkey.
TOGG, which will be the first non-classical born electric SUV manufacturer in Europe by 2022, when it will start production in its facilities in Gemlik.TOGG develops new generation electric and connected cars and creates a mobility ecosystem around these cars. The company develops new technologies, services, user experiences and new business models within the ecosystem it has built around smart and connected cars.
TOGG aims to reach 1 million production units by producing 5 different electric and connected models on a common platform by 2030.