Statevolt has entered into an agreement to build a gigafactory in Ras Al Khaimah, UAE for $3.2 billion in capital expenditure. With electrification projects and infrastructure burgeoning in Europe and the US, AMS asks ’why the Middle East?’
Regionally, the United Arab Emirates (UAE) is not the first place that comes to mind when you hear the term, “electrification.” But just last month, Lars Carlstrom, the man behind the modular enterprise model set on kickstarting battery production on a mass scale, announced that his Gigafactory company, Statevolt, would be embarking on the construction of a pioneering battery plant in Ras Al Khaimah, UAE, called Statevolt Emirates, to the tune of $3.2 billion in capital expenditure
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