Lithium iron phosphate batteries: European battery manufacturer Avesta Holding announced its plan to build a new gigafactory specialized in the production of advanced lithium iron phosphate (LFP) batteries. With an initial planned production capacity of 5GWh/year, the factory will support its subsidiaries, including Avesta Battery & Energy Engineering (ABEE), battery factory BE-Volt, and other strategic partners. With the expansion of the factory, the production capacity is expected to reach 20GWh.