Siro Silk Road Clean Energy Storage Technologies, a joint-venture between Togg and Farasis Energy GanZhou established to develop and provide clean energy storage solutions, has signed a 400 million Yuan credit agreement with Industrial and Commercial Bank of China (ICBC) Turkey. Serving the net-zero goals for the sustainable world, Siro will utilize this financing for the construction, machinery, and equipment investments in its new campus, where R&D, engineering, and production activities, including battery cells, will take place.
Siro, a joint venture between Togg and Farasis Energy Ganzhou with 50-50 partnership to develop and provide clean energy storage solutions for e-mobility and other applications in Türkiye and neighboring countries, has signed a term loan facility agreement with Industrial and Commercial Bank of China (ICBC) Turkey to accelerate its investments. Siro and ICBC executives, and China's Consul General in Istanbul, Wei Xiaodong participated to the signing ceremony held at the Siro Headquarter in Gebze IT Valley (Bilişim Vadisi). According to the agreement, Siro will utilize the 400 million Yuan (approximately 50 million Euros) credit line which will be provided by ICBC Turkey as a crucial loan, with a two-year grace period and a total term of five years. As a key player in clean energy transformation, Siro will allocate this "green" financing to its construction, machinery, and equipment investments in its new campus, where research and development R&D, engineering, and production activities, including battery cells, will take place.
"We are moving towards our goal of becoming one of the pioneering energy storage players in the region"
Naci Özgür Özel, Commercial General Manager of Siro, expressed his delight in signing a long-term credit agreement with Industrial and Commercial Bank of China (ICBC) Türkiye, which will to contribute to the financing of their investments in developing and producing clean energy storage technologies and continued:
"Since January 2023, we have been manufacturing battery modules and packs at Siro Battery Technology Center located in Togg Technology Campus. The construction of our Battery Development and Production Campus in Gemlik, where we had the groundbreaking ceremony on April 24th, is progressing at full speed. We aim to be relocated to our new campus by the end of 2024, and to become one of the pioneering energy storage players in the region surrounding Türkiye, including Europe by 2026 with the start of cell manufacturing. This agreement with ICBC Turkey is very valuable in bringing us one step closer to our goals. This “green financing” will contribute to the realization of our construction, machinery, and equipment investments in Siro Battery Development and Production Campus, and we will be promoting our clean energy storage solutions which include e-mobility, micro-mobility, industrial applications, marine, and stationary energy storage for renewable energy in a broad region which covers 120 countries along with Türkiye. We are progressing step by step towards our goal of becoming one of the pioneering energy storage players in the region through strong collaborations.
“An innovative example for long-term, high value-added, employment-increasing projects"
Qian Hou, Chairman of the Board of Directors of ICBC Turkey, stated that they are pleased to sign a financial cooperation with Siro and said:
“As ICBC Turkey, we are pleased to announce today another significant financial collaboration in line with our global sustainability vision and our mission to strengthen economic relations between Türkiye and China. Siro's investment, which will significantly boost energy transformation, is also part of Türkiye's international success in the technological arena, positioning itself in global competition and enhancing its brand value as an integral part of the domestic automotive investment. This valuable collaboration represents an innovative example of the financing model we provide for long-term, high-value-added, and employment-increasing projects for the country's economic development.”
About Siro: Siro was established on September 27, 2021 as a joint venture between Togg and Farasis Energy to develop and provide clean energy storage solutions for e-mobility and other applications for Türkiye and surrounding markets. Siro started the serial production of battery modules and packs by the beginning of 2023 as well as the development of battery cells. Siro will begin theserial production of battery cells in 2026 and will become an important energy storage player in the region with its 20 GWh production capacity.Siro will be promoting cleanped energy storage solutions in global markets, which include micro-mobility, industrial applications, marine and stationary applications to support renewable energy, electric grid, charging stations and residential solutions besides e-mobility, and will be directly responsible for 120 countries in the region.
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