Beijing: The Deposit and Management Fund (CDG) and Gotion High-Tech group inked a memorandum of understanding (MoU) on Wednesday in Hefei, China to support the electric battery gigafactory currently underway in Kenitra. Initialed by CDG’s CEO Khalid Safir and Chairman of Gotion High-Tech Li Zhen, the agreement provides for CDG Invest, CDG’s investment arm, to acquire a stake in Gotion Power Morocco via its NAMA industry fund.

According to Agence Marocaine De Presse, the MoU was concluded during a working visit by a CDG delegation to Gotion High-Tech’s headquarters in Hefei. This follows the signing on June 6 of an investment agreement between the Moroccan government and the Sino-European group, as stated by the same source.

Gotion High-Tech’s integrated gigafactory project aligns with the Kingdom’s strategy to develop a genuine industrial ecosystem for sustainable mobility and to prepare the Moroccan automotive sector for the era of electrification, in accordance with the strategic vision of His Majesty Ki
ng Mohammed VI. The project, led by Gotion Power Morocco, involves building an integrated gigafactory platform. The first phase will include a 20 GWh production capacity of lithium-ion battery cells and packs, Energy Storage System (ESS) batteries, and 200,000 tons of cathode materials.

An overall investment of some 13 billion dirhams is required for this first phase, which is expected to create 2,300 jobs. The new partnership between CDG and Gotion High-Tech confirms the Moroccan group’s role in supporting the Kingdom’s major structural projects, thus underscoring its status as a benchmark institutional investor supporting the dynamic structural transformation of the national economy.