Move Over Tesla, Europe’s Building Its Own Battery Gigafactories

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Battery-making gigafactories are about to arrive in Europe, challenging a lead Tesla Inc. is building at a plant in Nevada and opening the way for a quicker shift toward green power for both cars and utilities.

German Chancellor Angela Merkel on Monday is scheduled to break ground at a 500 million-euro ($543 million) plant to assemble lithium-ion energy-storage units for Daimler AG, which produces Mercedes-Benz and Maybach luxury cars.

The facility 130 kilometers (81 miles) south of Berlin highlights a push by both major automakers and power companies into energy storage. The technology is crucial to drive the next generation of green vehicles and to hold electricity from wind and solar farms for when it’s needed most. With two dominant industries moving in the same direction, the cost of batteries is likely to plunge quickly, according to Bloomberg New Energy Finance.

“As battery costs fall and their energy density increases, we could see cheaper battery-electric cars than their fuel-burning equivalents by 2030,” said Nikolas Soulopoulos, an analyst with the London-based research arm of Bloomberg LP…

Read more : Bloomberg, 22.05.2017