Belgium-based ABEE to invest EUR 1.1 billion in battery production in Bulgaria

Belgium ABEE EUR 1 1 billion battery production Bulgaria

Photo: Council of Ministers


December 15, 2023






December 15, 2023





A young company launched a EUR 1.1 billion project for a battery plant, recycling facility and an R&D center in Bulgaria. Avesta Battery and Energy Engineering (ABEE), headquartered in Diegem, Belgium, has ambitious plans for Southeastern Europe.

Bulgaria’s Prime Minister Nikolay Denkov has unveiled the plans for the establishment of a battery gigafactory in Stara Zagora for the automotive industry in combination with a recycling facility in Burgas and a research and development hub in Plovdiv. The investor is Belgian company ABEE.

Its President and Founder Noshin Omar said the BulgaPower initiative is for the first solid-state battery plant with a capacity of 10 GWh per year, to be extended to 20 GWh, a battery recycling unit of 50,000 tons a year and the “largest R&D center in Europe.”

The company, set up in 2019, said the project would create more than 1,000 direct jobs. It valued the overall investment at EUR 1.1 billion.

ABEE to build R&D center first

ABEE launched projects this year for battery factories in neighboring Romania and North Macedonia as well.

The project will be implemented in phases over the next three to five years, the firm added. The government pledged to provide as much state aid as it can, defining the project as strategic. Of note, Rystad Energy said in its recent analysis that Bulgaria is the most profitable market in Europe for battery energy storage investments.

If implemented, ABEE’s “investment intention,” as Denkov called it, would be the largest so far in industrial production in the country. The first stage is the construction of the R&D hub in Plovdiv, scheduled to begin in September, followed by the recycling plant.

No toxic materials

Prime Minister Denkov said the company’s technology excludes nickel, cobalt and lead and that it uses cheaper materials for its lithium ion batteries. The battery plant accounts for most of the investment and most of the planned jobs.

Bulgaria is relying heavily on battery technology and energy storage overall in its energy transition.

Solar MD, a battery manufacturer based in South Africa, opened its LiFePO4 Energy Storage facility in Rousse this year. State-owned Bulgarian Energy Holding or BEH has established a subsidiary for green energy and storage projects.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles


Monsson to merge its wind farm, PV unit in Romania into hybrid power plant with storage

20 February 2024 - Monsson Group is developing a hybrid wind-solar-storage project with the largest battery energy storage system in Romania

kozloduy hyndai nuclear unit

Hyundai shortlisted for installing new nuclear units in Kozloduy

20 February 2024 - Bulgaria has called on potential contractors to express interest in the construction of a new nuclear power plant with AP1000 technology

GGF UniCredit Bank Serbia EUR 50 million renewables loan

GGF deepens cooperation with UniCredit Bank Serbia with EUR 50 million renewables loan

20 February 2024 - UniCredit Bank Serbia obtained a EUR 50 million loan from GGF for utility-scale renewables projects, strengthening its ties with the fund

EU approves EUR 6 9 billion state aid for hydrogen infrastructure

EU approves EUR 6.9 billion in state aid for hydrogen infrastructure

19 February 2024 - Strategic hydrogen project IPCEI Hy2Infra, which seven EU member states developed jointly, got a green light from the European Commission