Source: Natron plans to build a $1.4 billion sodium-ion batteries plant in North Carolina

Sources familiar with the situation said that Natron Energy is planning to invest $1.4 Billion in a manufacturing plant for sodium-ion batteries in North Carolina. This could potentially increase the company's capacity by 40 fold.

The battery storage facility in Edgecombe County, North Carolina, is capable of producing 24 gigawatts of power at full capacity every year.

The company currently produces 600 megawatts of sodium-ion batteries annually at its Holland Michigan facility.

U.S. startups and European ones are racing to create new batteries with materials that are cheap and plentiful, such as sodium. They want to ease the looming bottlenecks in supply and help mass-market electric cars (EVs) reach their potential.

When compared to lithium-powered batteries, the sodium-based batteries only hold about half as much power per kilogram.

The Wall Street Journal reported the news first on this development today.

Source: Natron expects to also apply for a grant of $30 million from a newly established state funding program in order to prepare or upgrade industrial sites that qualify, according to the source.

North Carolina may also reimburse up to 21,75 million dollars over a period of 12 years. According to a source, the grant will be approved by the state’s economic investment committee later Thursday.

In April, the International Energy Agency stated that sodium-ion battery storage would grow in importance. They will account for less than 10 percent of all electric vehicle batteries. (Reporting from Seher Dareen, Bengaluru; additional reporting by Sourasis BOSE; editing by Anil D’Silva).

(source: Reuters)