Statevolt will produce 54 GWh lithium-battery Gigafactory in California.
On April 19, Lars Carlstrom, the founder-CEO of Italvolt, announced the launching of a new US-based company—Statevolt. It is reported to be built in Imperial Valley, Southern California, and will produce 54GWh lithium-ion batteries, with an expected CapEx of $4billion.
With the launching of the new plant, Statevolt has signed a Letter of Intent (LOI) with Controlled Thermal Resources (CTR) to supply lithium and geothermal power to the facility. Once the facility becomes fully operational, the factory will become one of the biggest in North America, with a capacity to produce 54GWh, Statevolt estimates that they can produce 650,000 vehicles per year.
“Under the terms of the LOI, CTR will deliver sustainable, locally produced lithium and geothermal power, from the company’s to-be-constructed Hell’s Kitchen Lithium and Power development. Statevolt is currently undertaking due diligence to determine the best location on which to build its facility.”
Carlstrom said in a press release: “Today, we face a significant shortage in the amount of lithium that is required to meet the demand for electric vehicles,” he also added “We are pioneering a new, hyper-local business model, which prioritizes sustainability and resilience in the supply chain to solve this issue. More importantly, we believe this model will offer Statevolt a significant advantage in producing lithium-ion batteries at scale, to meet booming consumer demand and create good-paying, highly skilled jobs.
Statevolt’s partnership with CTR will bring a new “hyper-local” sustainable business model for lithium-ion battery development in the US. This new project will likely give the county an economic boost and will create 2,500 jobs. With the rising demand for EVs, there were already reports on the shortage of its materials—including lithium-ion batteries, the facility will likely succeed.