Electric vehicle battery maker Italvolt's founder said on Tuesday he would launch a company to build a battery-manufacturing gigafactory in California that could serve about 650,000 EVs a year with an expected outlay of $4 billion.
The new company, Statevolt, which will build a 54 gigawatt hours factory in southern California's Imperial Valley, also signed a letter of intent with renewable energy and lithium extraction company Controlled Thermal Resources to purchase the mineral and geothermal power.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: