Egypt’s BME, China’s CATL plan battery plant with investment above $39m

RIYADH: A more than 2 billion Egyptian pound ($39 million) investment will be used to establish an electric-battery manufacturing plant in Egypt by local battery maker BME and China’s Contemporary Amperex Technology Co. Ltd., as the country seeks to develop its electric-vehicle industry and expand local manufacturing. The plant will initially have production capacity of 1 gigawatt-hour a year, with output focused on batteries for heavy commercial vehicles, according to a government statement.