Anodox Energy to build two battery plants in Latvia

The Swedish company Anodox Energy Systems wants to build two factories in Latvia to produce batteries for electric vehicles. According to Latvia’s Ministry of Economy, a plant for the assembly of battery packs will be built first in the port of Riga. The second plant, which will focus on cell production, is to follow shortly afterwards.

A total of 50 million euros will be invested and up to 300 new jobs created, according to the Ministry of Economy. The factory in Riga is to go into operation by December 2022. In the first phase, Anodox wants to produce high-quality battery packs for electric cars and light commercial vehicles in the automated factory.

More interesting than the first factory for assembling battery packs, however, is the second planned factory – although fewer details are known about this. It will produce LFP high-performance cells. However, Anodox does not yet provide exact details about the cells – apart from known facts such as the long service life and cheaper materials – and the planned start of production is also not mentioned in the ministry’s announcement.

The planned LFP factory is to be the first of its kind in Europe. “This means that the battery production cycle will be completed in Latvia, from raw material to complete system,” says Kaspars Rožkalns, director general of the Latvian Investment and Development Agency. “From Riga the finished products will be delivered to customers in Scandinavia, Germany and the rest of Europe.”

Anodox chose Latvia “based on its location, automotive ecosystem, and government incentives”. Yet the country is only meant to be the starting point for setting up production facilities across Europe. The company is reportedly also considering Germany, Greece and Luxembourg as possible investment locations. Anodox was founded in 2016 and has so far “supported internationally renowned brands such as Volvo, NEVS, Jinpeng Auto, Geely, Lotus, Mahindra and Pininfarina”.

“We are thrilled and grateful to announce our entry into Latvia and the establishment of the first LFP factory in Europe,” says Theodore Zannakis, CEO of Anodox. “It would not be possible without the strong support from the Latvia Government, LIAA, Altum and our customers Jinpeng Group and AKINSI Auto.”


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