Initialed by CDG's CEO Khalid Safir and Chairman of Gotion High-Tech Li Zhen, the agreement provides for CDG Invest, CDG's investment arm, to acquire a stake in Gotion Power Morocco via its NAMA industry fund, according to a press release from the Moroccan group.

The MoU, concluded during a working visit by a CDG delegation to Gotion High-Tech's headquarters in Hefei, follows the signing on June 6 of an investment agreement between the Moroccan government and the Sino-European group, the same source added.

Gotion High-Tech's integrated gigafactory project is part of the Kingdom's strategy to develop a genuine industrial ecosystem for sustainable mobility and prepare the Moroccan automotive sector for the era of electrification, in line with the strategic vision of His Majesty King Mohammed VI.

Led by Gotion Power Morocco, this project involves building an integrated gigafactory platform, which first phase will include a 20 GWh production capacity of lithium-ion battery cells and packs, Energy Storage System (ESS) batteries, and 200,000 tons of cathode materials.

An overall investment of some 13 billion dirhams is required for this first phase, creating 2,300 jobs.

The new partnership between CDG and Gotion High-Tech confirms the Moroccan group's role in supporting the Kingdom's major structural projects, thus confirming its status as a benchmark institutional investor supporting the dynamic structural transformation of national economy.