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Daimler Announces €500 Million Battery Investment

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German automaker Daimler AG is investing €500 million through its subsidiary Deutsche ACCUMOTIVE to triple its lithium-ion (LiON) production capacity, the company says.

The company’s second LiON production facility in Kamenz, Germany will make batteries to be used in Daimler’s Mercedes-Benz electric vehicles and hybrids, Cleantechnica reports. Last year, Deutsche ACCUMOTIVE expanded into the stationary energy storage market, as well, promoting its scalable LiON batteries for both individual and utility- or industry-scale uses, according to Green Car Congress.

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Last month, Bloomberg New Energy Finance projected that electric vehicles could be cheaper than conventional cars by 2022, while installations of stationary energy storage in the United States grew 243% last year, on track to reach a value of US$2.5 billion by 2020.