Major battery manufacturers invest $910 million in Tangier Tech City

(with MAP)
Estimated read time: 2'

Agreements were signed on Tuesday at the Bank of Africa headquarters in Casablanca for the establishment of two industrial projects in Mohammed VI Tangier Tech City. The projects involve Chinese international automotive battery manufacturers Hailiang and Shinzoom, and were signed in the presence of the President of TangerMED Group, Fouad El Berrini.

The agreements, signed by Othman Benjelloun, President of Tangier Tech, and witnessed by TangerMED Group President Fouad El Berrini as well as Tangier-Tetouan-Hoceima Regional Council President Omar Moro, Hailiang President Cao Jianguo, Shinzoom President Pei Tao, and members of the partners' management, represent a total investment of up to $910 million by 2024, according to a statement from Tangier Tech.

«These agreements solidify Mohammed VI Tangier Tech City's position as a hub for international industrial companies in competitive and globalized sectors, with the Kingdom welcoming its first industrial player in the copper sector (Hailiang Group) and its first player in the anode industry», the statement added.

The Hailiang project in Morocco is spread over an area of 30 hectares, with an investment of up to 450 million US dollars, with the aim of creating 1,800 jobs. Founded in 1989 and headquartered in Zhuji, Zhejiang Province, China, Hailiang is a global industrial leader in the manufacture of copper automotive parts such as tubes, rods, and pipe fittings. The company achieved revenues of $30 billion in 2022 and ranked 459th in the Futures Global 500 for the same year.

Hailiang has 22 production sites around the world, including in the United States and Europe, and has strong partnerships with leading enterprises such as Sunwoda.

The 20-hectare Shinzoom project will require an investment of up to $460 million starting in 2024 and is expected to create around 2,000 jobs. Shinzoom is a subsidiary of Hunan Zhongke Electric Co. Ltd. and embodies excellence and innovation in the production of positive electrodes for lithium batteries.

Founded in 2001 and headquartered in Hunan, the company has established itself as China's third most important producer of anode electrodes, with revenues of $1 billion in 2023. The fast-growing company operates six factories in China, two of which were built in partnership with global automaker BYD.

The Tangier Tech Development Company, which is overseeing the development of the new integrated and smart industrial and residential city on an area of 2,167 hectares, has welcomed about ten players since its actual launch in 2023.

Tangier Tech is the result of a partnership between three leading national players, namely Bank of Africa, the Tanger Med Private Agency and the Tangier-Tetouan-Hoceima Regional Council, in partnership with the Chinese company China Communications Construction Company, which is the first public group in infrastructure works in China.

With the support of its president, management and partners, Tangier Tech is committed to continue developing the unprecedented Mohammed VI Tangier Tech project.

Be the first one to comment on our articles...