Farasis and TOGG Signed a Letter of Intent to Develop Energy Storage Solutions for Turkey and Surrounding Countries
TOGG has chosen Farasis as its business partner for the development and supply of Li-ion batteries, which are one of the most fundamental components of the electric vehicles they are developing. Following a signing ceremony held in Turkey's IT Valley and attended by the CEO and Board Members of each company, it was stated that the two companies came to an agreement not only on the supply of Farasis batteries to TOGG and entry into the Turkish market, but of the development and production of battery modules and packs by the two in Turkey through a strategic venture, which would combine Farasis technology with Turkey's automotive industry leadership to bring e-mobility solutions to new markets in the region.
TOGG CEO Mr. Gürcan Karaka? said the following about the agreement, "Since 2018, more than 30 global battery suppliers have been evaluated within the framework of confidentiality agreements (NDAs), including possible domestic collaborations. Among them, the company that best met our technical, commercial and strategic criteria, and one of the world's leading Li-Ion battery manufacturers, Farasis, has been chosen as our business partner".
Mr. Karaka? went on to say: "It is very critical that Li-ion battery technology, which is considered to be one of the most important and fundamental technologies for electric vehicles today, comes to our country with an important player like Farasis. This cooperation will go beyond producing electric vehicle batteries in Turkey, but also improve battery R&D competencies in our country, trigger the automotive manufacturers to bring their electric vehicle projects to our country, and to enhance the energy storage business with non-automotive energy storage products in Farasis' product portfolio. The new joint-venture will represent a very important new economic value as the exclusive representative of Farasis in the region. We have been expressing from the beginning that TOGG will be one of the examples that will trigger the technological transformation in our country while developing zero-emission electric vehicles."
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