In light of the growing calls for carbon emissions to be reduced to zero, lithium iron phosphate (LFP) batteries are rapidly gaining momentum in energy storage and electric vehicle (EV) applications. According to sources in the industry, this has led major industry conglomerates, including Taiwan’s Formosa Plastics Group (FPG) and Foxconn Technology (Hon Hai), to increase investments in local LFP battery manufacture.
According to the sources, FPG’s wholly owned subsidiary Formosa Energy Tech has announced intentions to invest more than NT$16 billion (US$506.33 million) in the construction of a green energy production base at Changhua Coastal Industrial Park in central Taiwan.
As part of the investment project, the company will build a factory for LFP battery cells and modules in two stages, with first-phase production beginning in the first half of 2024 and having a 2.1GWh capacity. The second phase of the project, which will have an additional 2.9GWh of capacity, will be finished in 2027.
Foxconn has moved to construct an LFP battery cell R
