Swiss commodities group Blackstone Resources AG created Blackstone Research GmbH, a Germany-based firm, with an initial €200 million investment from its own funds.
The new entity will provide a platform for the company to carry out further research and allow it to establish a substantial battery-production project in Germany, according to a Jan. 14 release.
Blackstone will also seek further support from European Union subsidies and from the German government.
The project will have an initial capacity of 100 million battery cells per year, which is equal to 25,000 to 100,000 batteries for electric vehicle batteries, during the first phase.
In addition, Blackstone is searching for an optimal site for its battery manufacturing facilities, with Eisenach town and Braunschweig city in Lower Saxony as potential locations.
Germany plans to potentially base one of its €2 billion battery production facilities in Lower Saxony, which would be backed by a private group. The initiative would support efforts to produce all of European electric vehicle batteries by 2030.