Business

TOGG partnered with Farasis Energy in the battery module production

According to the mutual statement made after comprehensive letter of intent which is signed by Turkey Automobile Enterprise Group (TOGG) and Farasis with the participation of TOGG board members at Bilisim Vadisi, the battery module and package developed with Farasis will be produced in Turkey; also, the choice of strategic partnership which will present energy storage solutions for Turkey and surrounding countries is also evaluated.

The battery module and package will be produced in Turkey

Within the cooperation and the framework of the comprehensive letter of intent signed by the two companies in addition to their supply of battery cells, TOGG battery modules and packs will be produced in Turkey and energy storage solutions for Turkey and surrounding countries will be expanded under one enterprising company. The statement goes:

‘’According to the letter of intent of the joint venture company, which includes the general principles of the strategic partnership signed at the management centre of TOGG at the Bilisim Vadisi, the comprehensive business plan of the joint venture company will be prepared until the end of 2020 and the legal basis of the partnership will be detailed during this period. In line with these studies, it is aimed to establish a joint venture company legally at the beginning of 2021 after the final evaluation of the board of directors of the two companies.’’

It is stated that indigenousness is the most important issue in the business plan of the targeted joint-venture company to be established between TOGG and Farasis, also that the development and production of battery cells in Turkey within the business plan will be evaluated in detail. It was noted that the competencies to be developed especially in cell chemistry will make a great contribution to both sides in the long term.

‘’The mobility ecosystem of TOGG will become an important regional player.’’

Rifat Hisarcikoglu, the board chairman of TOGG said:

‘’The joint venture company to be established with Farasis will also be an initiative to increase the efficiency of our country’s energy system, reduce our country’s dependence on foreign energy, and accelerate the development of a clean and efficient energy system. In this way, TOGG’s mobility ecosystem will become an important regional player that develops technology and creates serious economic value.’’

‘’This collaboration will go beyond producing electric vehicle batteries.’’

Gurcan Karakas, the CEO of TOGG said:

‘’ Farasis battery, our business partner, one of the world’s leading manufacturers of Li-Ion battery which meets our technical, commercial and strategic criteria at best, has evaluated more than 30 global battery suppliers, including possible domestic collaborations within the framework of non-disclosure agreements (NDA) since 2018.

 It is very important that Li-Ion battery technology, which is seen as one of the most important and basic technologies for electric vehicles today, comes to our country with an important player like Farasis. We have been expressing from the very beginning that TOGG will also trigger the technological transformation in our country while developing zero-emission electric vehicles.

This collaboration will go beyond producing electric vehicle batteries; it will improve battery R&D capabilities in our country, improve battery R&D capabilities in our country, trigger automotive manufacturers to bring electric vehicle project to our country, grow the energy storage business with non-automotive energy storage products in Farasis’s product range and will produce a very important new economic value as the exclusive representative of Farasis in the region it is responsible for, with the brand that the joint venture company will develop itself.’’

’ We are very excited about this partnership with TOGG.’’

Dr. Yu Wang, the CEO and the co-founder of Farasis attended the signing ceremony online, he said:

‘’ Turkey is one of the most important automotive-producing countries within it’s region. Cooperating with TOGG, which set out to develop and manufacture electric vehicles using advanced automotive accumulation in Turkey became one of our natural steps in line with our basic strategies. We couldn’t think a more ideal location than Turkey whose electrification is the anticipated next big market and a more ideal partner than TOGG in order to support the ambitious growth plans of our leading battery company. We signed a letter of intent to meet the needs and demands should come from the region will emerge in Turkey. We are excited about this collaboration, which started with battery supply, will turn into a long-term partnership.’’

Sebastian Wolf, the manager of Farasis Europe Organization has been operating this collaboration since the beginning and joined the signing ceremony at Bilisim Vadisi in person. He said:

‘’ We have seen that both companies share the same enthusiasm for electrifying the future of individual mobility since the very beginning of the negotiations with TOGG. We except an increase in the demand towards the Li-Ion batteries both in automotive and non-automotive market in Turkey. Therefore, we are excited to partner with TOGG to establish the first electric vehicle battery manufacturing company in the region.”

Farasis Energy was founded in the USA in 2002.

According to the statement, Farasis Energy Inc., the predecessor of Farasis Energy (Ganzhou) Ltd., was founded in the United States in 2002. The company spread to China and Europe with Li-ion batteries, which are pioneers in energy density. It offered a wide portfolio of battery solutions in different markets and generated global customers.

Farasis company is currently one of the largest pouch-type cell manufacturers for the BEV (battery-powered electric vehicle) market with 3 global R&D centres and more than 4,000 employees; the company is able to offer one-stop energy storage solution for battery development, production and end-of-life. It stands out as one of the first battery cell manufacturers to establish a 100 percent CO2 neutral factory in Europe.

Here are the important steps realized by Farasis since the foundation:

“Farasis was founded in 2002 by Dr. Yu Wang and Dr. Keith Kepler to develop NMC, the most widely used battery chemistry in the world. In 2009, Farasis Energy, the largest electric vehicle market, was established. either electric motorcycles, auxiliary units, forklifts and special vehicles are offered. In 2015, it started working with BAIC, one of the leading OEMs in China.

In 2018-2019, it started programs on a range of electric vehicle battery solutions with leading Chinese automotive manufacturers and Daimler (Mercedes-Benz) in electric vehicles. In 2020, a company valuation of over $ 5 billion was achieved under the initial public offering (IPO), and Daimler became a strategic partner of Farasis with a 3 percent turnout. “

source: AA / translated by Melisa Karayusufoglu

Leave a Reply

Your email address will not be published.

Back to top button