The recently launched Switzerland-based company said that the production at the facility will scale from 1.2GWh to 7.6GWH

Swiss Clean Battery AG 1

Swiss Clean Battery CFO Peter Koch, CEO Roland Jung, and COO Thomas Lützenrath. (Credit: Swiss Clean Battery AG)

Swiss Clean Battery (SCB) has revealed plans to establish a gigafactory for pure solid-state batteries in Switzerland, which will cater to the Swiss domestic as well as international markets with battery storage from 2024.

According to the recently launched company, production at the facility will scale from 1.2GWh to 7.6GWH.

Swiss Clean Battery stated: “The solid-state battery produced by SCB lasts almost indefinitely and has a 50% better environmental balance than conventional lithium-ion batteries. Furthermore, it is incombustible and therefore safe to use, contains no critical raw materials such as cobalt, and is resistant to deep discharge and fast charging.

“Solid-state batteries have been regarded for years as a promising successor technology to conventional lithium-ion batteries.”

The first production phase of 1.2GWH will see the company plan sales of CHF318m ($340.7m). For this stage, Swiss Clean Battery intends to invest CHF246m ($263.5m) in the machinery of the gigafactory, while employing 181 people.

It will also construct a production area of 20,000m2 for manufacturing 7.2 million battery cells per year. According to the company, the enterprise value in this first stage is CHF1.3bn ($1.39bn), with a conservative multiple of 18.

Apart from debt financing of the production facility, the company will target an initial public offering (IPO) for October 2022 on the Zurich Stock Exchange.

In the final phase of the gigafactory, Swiss Clean Battery aims to produce 7.6GWH. The investment involved in this is CHF775m ($830m) with a targeted turnover of more than CHF2bn ($2.1bn).

A production area of nearly 100,000m2 will be constructed for the purpose, said the company.

In the final stage of expansion, the Swiss firm will produce around 48 million battery cells per annum with 1,061 employees. The company’s enterprise value is expected to be worth CHF8.6bn ($9.2bn) after that.