Skip to content Skip to Search
Skip navigation

US battery manufacturer to build $3bn factory in Rakez

Statevolt factory rendering Manara Global
An impression of the planned Statevolt gigafactory in the Al Ghail Industrial Zone
  • Plant to create up to 2,500 jobs
  • First production planned for 2026
  • Production capacity of 40GWh

The American battery manufacturer Statevolt is to construct a $3 billion factory in Ras Al Khaimah. 

Statevolt Emirates, as the venture will be known, will generate up to 2,500 jobs at its 60 hectare facility in Al Ghail Industrial Zone in Ras Al Khaimah Economic Zone (Rakez). 

The manufacturing facility is “strategically focused on key export markets such as Africa, India, the UAE, and the broader Middle East region,” said Statevolt’s founder-CEO, the Swedish automotive entrepreneur Lars Carlstrom.

Statevolt started in California in 2021.



Rakez has collaborated with Statevolt on the initial set-up activities in the emirate and is supporting logistics requirements and providing sufficient energy for the factory to operate at full capacity. 

Statevolt has reached a commercial land agreement in Rakez, and will soon proceed with building permit applications.

It is targeting full operation of the first production line by the end of 2026.

The facility is expected to reach an annual production capacity of up to 40GWh. 

Last month Abu Dhabi announced a $1.4 billion lithium processing plant in the emirate to support the region’s fledgling electric vehicles industry.

Kezad Group and Titan Lithium of the UAE signed an agreement for the plant, which will produce battery-grade lithium carbonate and lithium hydroxide for battery makers and EV manufacturers globally.

Latest articles

Musicians perform at the Sharjah Ramadan Festival. Retailers offered discounts of up to 75% on local and international brands

Sharjah’s Ramadan retail sales peak at nearly $110m

Ramadan retail sales in Sharjah hit a new record high of AED400 million ($109 million) in 2024, reinforcing the positive outlook UAE companies had ahead of this year’s holy month. Sales jumped 25 percent year on year during the Sharjah Ramadan Festival 2024, which concluded last Saturday, the UAE state-run Wam news agency reported, quoting […]

The UAE wants dialogue to address the ripple effects of geopolitical challenges on global trade

UAE to advance talks on debt sustainability at global event

The UAE’s finance ministry intends to advance discussions on global macroeconomic stability and debt sustainability at the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). The spring meetings will be held in Washington, D.C., from April 15 to 20. The UAE will also promote a dialogue to address […]

A woman buys cooking oil at a market in downtown Cairo, Egypt

EU to provide ‘urgent’ $1bn short-term aid to Egypt

The European Union (EU) will provide €1 billion ($1.1 billion) in urgent short-term financial aid to support Egypt’s economy. The funding is part of the larger €5 billion macro-financial assistance package.  The remaining €4 billion will be released as longer-term assistance over 2024-2027 but is yet to be cleared by the 27-member bloc. The aid […]

Adnoc sought advice from investment banks on buying a significant stake in BP, a media report said

UAE’s Adnoc explored acquiring BP

Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said.  The talks did not advance beyond the initial stages, Reuters reported, citing informed sources.  The UAE state oil company also sought advice […]