Asian Tech Press (Oct 26) -- Chinese battery giant Gotion High-tech Co. Ltd (002074.SZ) announced late Wednesday that it intends to invest $2.364 billion to build an electric vehicle battery materials plant in the US state of Michigan.

This is to meet the supply of raw materials for battery manufacturing operations in North America, Gotion High-tech said in a statement.

Gotion High-tech plans to build a battery materials project in Michigan, and entrusted its U.S. subsidiary Gotion Inc. to sign relevant agreements with the Michigan government and other third-party partners.

The company plans to invest a total of US$2.364 billion in the project, but it will determine the exact amount based on the project's feasibility analysis and the status of filing for approval, the statement noted.

Up to now, Gotion has completed the signing of contracts for the purchase of land on the project.

In addition, the U.S. subsidiary has completed the signing of the relevant agreements with the State of Michigan on October 24th.

Gotion High-tech said the Michigan government will allocate special subsidies for the project, which will be subject to the actual investment.

Last October, the Michigan government announced that Gotion's plant will produce 150,000 tons of cathode materials and 50,000 tons of anode materials annually.

Earlier this month, the battery maker also announced its intention to invest in a lithium battery plant in the U.S. state of Illinois.