(Corrects to show Italvolt founded by Lars Carlstrom who also founded Britishvolt (not sister company), paragraph 5)
MILAN, Feb 15 (Reuters) - Electric vehicle battery startup Italvolt said on Monday it will invest 4 billion euros ($4.9 billion) to build a factory in Italy to meet growing demand for lithium-ion batteries from Europe’s automotive industry.
The European Union is pushing to boost battery production on the continent to compete with China, currently home to around 80% of the world’s lithium-ion cell manufacturing capacity, with the aim of being self-sufficient by 2025.
Italvolt said in a statement that the facility is expected to employ 4,000 people, and that the first stage of the project will be completed in 2024. It did not give details of how it will finance the project, or when it plans to start production.
The company said that Stellantis’ robotics unit Comau would be a supplier for the Italian facility.
Italvolt was founded and is led by Lars Carlstrom, who also founded Britishvolt, which has said it plans to build a 2.6 billion pound ($3.6 billion) battery factory in England.
$1 = 0.8245 euros Reporting by Giulio Piovaccari; Editing by Jan Harvey