Alevo Planning Battery Plant in Former Cigarette Factory
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Alevo Group SA, a Swiss startup, is planning a battery factory to produce energy-storage systems for utilities to manage intermittent power supplies from renewable sources such as wind and sunlight.
The company paid $68.5 million for a former cigarette factory in Concord, North Carolina and expects to begin production next year, according to a statement today. It will initially make about 40 GridBank systems a month, shipping containers packed with lithium-ion batteries that can hold about 2 megawatts.