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Blackstone Resources to invest €200M in battery manufacturing project in Germany

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Blackstone Resources to invest €200M in battery manufacturing project in Germany

Switzerland-headquartered Blackstone Resources AG plans to invest €200 million in a newly created firm as part of its plans to establish a battery manufacturing facility in Germany.

The new firm, Blackstone Research GmbH, will be based in the city of Erfurt in Germany and will be wholly owned by Blackstone Resources. The company is aiming to have an initial capacity of 100 million battery cells per year, or the equivalent of 25,000 to 100,000 electric-vehicle batteries, during the project's first phase.

Blackstone Resources said it is considering the town of Eisenach for a possible site for the facility in proximity to car manufacturer Opel and other Chinese-owned battery manufacturers. Other potential sites include Braunschweig in Lower Saxony, close to car manufacturer Volkswagen.

"The German government has also announced plans to potentially base one of two billion-euro battery production facilities in this region, which would be supported by a consortium of privately own companies. The aim of the initiative would be to help to produce all of European electric vehicle batteries by 2030," the company said in a news release.

The initial investment will come from the company's own funds, with an aim of garnering support from subsidies provided by the European Union's research and development funds and the German government.