China's GSR Capital signs $4.5b battery deal with Turkey's Zorlu Holding

China's GSR Capital signs $4.5b battery deal with Turkey's Zorlu Holding

Photo: Zorlu Holding website

Turkey’s Zorlu Holding has signed an agreement with Chinese investment firm GSR Capital for investments in battery production totaling $4.5 billion until 2023, Zorlu’s chief executive said on Sunday.

In a statement, Zorlu Holding CEO Omer Yungul said Vestel, owned by Zorlu, and GSR Capital would work together to each build 50 percent of a “mega battery factory” of 25,000 megawatt (MW) capacity.

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