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.
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