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Chinese Battery-Parts Maker, African Fund Plan $2 Billion Venture in Morocco
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CNGR Advanced Material Co., a Chinese maker of battery components, is joining forces with African private investment fund Al Mada to build an industrial base in Morocco.
Construction at the site in Jorf Lasfar will start this year, with first output of battery materials targeted for 2025, the partners said in a joint statement. Total investment is seen at more than 20 billion Moroccan dirhams ($2 billion).