The Navarre government will contribute 50 million euros to the company it will create with the Chinese company Hithium
The battery and power storage plant will initially create 700 jobs, and in a second phase the number could reach 1,000 workers.
Hithium's investment director, Hao Wang, along with Navarre President Maria Chivite and Industry Advisor Mikel Irujo.
The Government of Navarre will contribute EUR 50 million to the joint venture it will form with the Chinese company Hithium, which is making progress in the implementation process and is currently in the midst of negotiations to form the company and implement an investment of EUR 405 million.
The plant, which will produce batteries and power storage systems, is expected to start operating by the end of 2027, creating 700 jobs in its initial phase and could reach 1,000 jobs in a later expansion phase.
Participation
The Government of Navarre will have a 33% stake in the company to be created with Hithium, with a maximum capital contribution of 50 million euros through the public company Sodena.
Hithium, for his part, will contribute EUR 100 million and will control 66% of the company, as explained by the Industry Advisor of the Navarre Government, Mikel Irujo.
As far as financing is concerned, the Chinese company is negotiating a bank loan of EUR 174 million and also expects to receive EUR 81 million in aid from the Ministry for the Ecological Transition, the final resolution of which is still pending.
Although the project continues, several important steps remain to be taken, including the final authorization of the Chinese Government and the location of the plant. One of the options is to build the facility at the former BSH plant in Eskirotzen in Egüesibar.
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