Belgium's ABEE is set to embark on a groundbreaking venture in Bulgaria, investing a staggering EUR 1.1 billion in a battery production endeavor.
Avesta Battery and Energy Engineering (ABEE), headquartered in Diegem, Belgium, unveils ambitious plans for Southeastern Europe. The establishment of a battery gigafactory in Stara Zagora tailored for the automotive industry, alongside a recycling facility in Burgas and a research and development hub in Plovdiv, marks a significant leap for Bulgaria's industrial landscape. President and Founder Noshin Omar champions the BulgaPower initiative, heralding the first solid-state battery plant boasting a capacity of 10 GWh per year, with future plans to expand to 20 GWh. This initiative is complemented by a battery recycling unit processing 50,000 tons annually and touted as the "largest R&D center in Europe."
Established in 2019, ABEE anticipates generating over 1,000 direct employment opportunities through this venture, estimating the overall investment at EUR 1.1 billion.
The project, which extends beyond Bulgaria with initiatives in neighboring Romania and North Macedonia, is slated for phased implementation over the next three to five years. Bolstered by state support, denoted as strategic, Bulgaria emerges as an enticing prospect for battery energy storage investments, as highlighted by Rystad Energy's analysis. Prime Minister Denkov underscores ABEE's commitment to eco-friendly technology, emphasizing the exclusion of toxic materials like nickel, cobalt, and lead, in favor of cost-effective alternatives for lithium-ion batteries.
With the construction of the R&D hub in Plovdiv set to commence in September, followed by the recycling plant, ABEE's investment intention promises to be a game-changer, marking a significant stride in Bulgaria's industrial landscape amidst its energy transition endeavors.