Farasis and TOGG signed a letter of intent to develop energy storage solutions for Turkey and surrounding countries Strategic partnership between TOGG and Farasis
Farasis is partnering with TOGG, a European OEM developing native electric vehicles and e-mobility ecosystem, for the use of Farasis battery cells in the full range of TOGG products. According to the agreement, battery cells will be provided by Farasis and the battery modules and packs will be jointly developed and produced in Turkey. In addition to supplying batteries, the two companies will also expand their cooperation through a joint venture company to provide battery energy storage solutions for Turkey and the surrounding region.
TOGG has chosen Farasis as its business partner for the development and supply of Li-ion batteries, which are one of the most fundamental components of the electric vehicles they are developing.
Following a signing ceremony held in Turkey’s IT Valley and attended by the CEO and Board Members of each company, it was stated that the two companies came to an agreement not only on the supply of Farasis batteries to TOGG and entry into the Turkish market, but of the development and production of battery modules and packs by the two in Turkey through a strategic venture, which would combine Farasis technology with Turkey’s automotive industry leadership to bring e-mobility solutions to new markets in the region.
In a statement following the signing ceremony, TOGG Chairman Rifat Hisarcıklıoglu said, “The joint venture company to be established together with Farasis will also be an initiative to increase the efficiency of our country’s energy system, reduce our country’s dependence on foreign energy, and accelerate our development of a clean and efficient energy system. Therefore, TOGG’s mobility ecosystem will become an important regional player that develops technology and creates serious economic value.” TOGG CEO Mr. Gürcan Karakaş said the following about the agreement, “Since 2018, more than 30 global battery suppliers have been evaluated within the framework of confidentiality agreements
(NDAs), including possible domestic collaborations. Among them, the company that best met our technical, commercial and strategic criteria, and one of the world’s leading Li-Ion battery manufacturers, Farasis, has been chosen as our business partner”