The Deposit and Management Fund (CDG) and Gotion High-Tech Group signed a memorandum of understanding (MoU) on Wednesday in Hefei, China, to support the electric battery gigafactory currently under development in Kenitra, Morocco. The agreement was signed by CDG's CEO, Khalid Safir, and Gotion High-Tech Chairman, Li Zhen. It outlines that CDG Invest, the investment arm of CDG, will acquire a stake in Gotion Power Morocco through its NAMA industry fund, according to a press release from the Moroccan group. The MoU, finalized during a working visit by a CDG delegation to Gotion High-Tech's headquarters in Hefei, follows the signing of an investment agreement between the Moroccan government and the Sino-European group on June 6, the same source added. Gotion High-Tech's integrated gigafactory project is part of Morocco's strategy to develop a robust industrial ecosystem for sustainable mobility and prepare the country's automotive sector for the era of electrification. Led by Gotion Power Morocco, the project involves building an integrated gigafactory platform, with the first phase including a production capacity of 20 GWh for lithium-ion battery cells and packs, Energy Storage System (ESS) batteries, and 200,000 tons of cathode materials. The total investment required for this first phase is approximately 13 billion dirhams, with 2,300 jobs expected to be created. This new partnership between CDG and Gotion High-Tech underscores the Moroccan group's role in supporting the Kingdom's major structural projects, reinforcing its status as a leading institutional investor driving the dynamic transformation of the national economy.
