STUTTGART, Germany, Sept. 6, 2018 /PRNewswire/KOREA IT TIMES-- Farasis Energy, a global leader in the development and manufacture of lithium-ion cells, modules and large battery systems, completed C-round financing exceeding 1 Billion US dollars. The capital raised is being used to accelerate the expansion of their global automotive battery manufacturing infrastructure.
In July of this year the company established a new manufacturing base in Zhenjiang, China with a planned annual capacity of 20 GWh. At the same time, the company officially launched their European Manufacturing Center Project, and opened an office in Stuttgart, Germany staffed with business development, engineering and corporate personnel. The feasibility study and site selection evaluation for the European Manufacturing Center has been completed with the plant scheduled to be in place to support major European vehicle plants in 2021. With rapidly increasing demand from their customers and the strong support of their shareholders, Farasis expects to announce additional global expansion projects throughout 2018 and 2019.
"We are excited about establishing a formal European headquarters and are currently selecting the final site for a large-scale lithium-ion cell, module and systems manufacturing plant in the European Union," says Yu Wang, CEO, Farasis Energy.
"European manufacturers have been leaders in the development of electric vehicles and battery powered technology," says Keith Kepler, CTO, Farasis Energy. "As we've established our greater footprint in China, European expansion is the next in a phased approach to better serve our customers globally."
About Farasis Energy:
Farasis Energy, Inc. develops and manufactures advanced lithium-ion cells, modules, and large battery systems that empower OEM applications across multiple markets including automotive, industrial and grid storage.
Founded in 2002, Farasis employs more than 3,000 people worldwide and maintains a research center in Hayward. At present, there are two production bases in China: Ganzhou and Zhenjiang. Since 2017 Farasis has regularly ranked first in terms of shipments of NCM based Li-ion pouch cells to the Chinese automotive market.
The company is committed to enabling sustained growth and profitability by helping its customers optimize product design and achieve maximize energy density and power with an emphasis on safety. Farasis is also committed to accelerating the transition to electric power through the promotion and participation in high profile EV events such as Formula E, through it`s sponsorship of the Venturi Racing Team, the Isle of Mann motorcycle race and other competitions featuring high performance EVs.
