The Moroccan-Chinese joint venture COBCO, formed by the Moroccan holding company Al Mada and the Chinese CNGR Advanced Material group, specializing in battery materials, has reached a significant milestone. It has secured an international green syndicated financing aimed at supporting the development of its battery materials production, confirming Morocco’s strategic position in the global energy transition and electric mobility.
An Extensive Industrial Complex in Jorf Lasfar
Located in Jorf Lasfar on over 200 hectares, the factory launched its first production line in June 2025, capable of generating 40,000 tons per year of Nickel-Manganese-Cobalt (NMC) precursors. Ultimately, the targeted total capacity will reach 120,000 tons of NMC, supplemented by 60,000 tons of Lithium-Iron-Phosphate (LFP) cathodes and a recycling unit for battery waste (“black mass”) of 60,000 tons annually. The total represents nearly 70 GWh per year, sufficient to power around one million electric vehicles.
The overall cost of the project is estimated at 20 billion dirhams, equivalent to between 1.8 and 2 billion dollars. To finance this complex, an international consortium of banks, including BNP Paribas, Standard Chartered, and the China Construction Bank, has structured a green syndicated loan, associated with Chinese export credit insurance. This arrangement illustrates the alliance between international industrial expertise and sustainable finance standards, essential for attracting investments in this rapidly growing sector.
Significant Economic and Social Impact
Beyond the financial aspect, the industrial and social ramifications are substantial. NMC precursors, which account for up to 30% of the weight of a lithium-ion battery, are crucial for its energy density, lifespan, and safety. The construction phase of the complex has generated 5,000 jobs, while the operational factory is expected to create 1,800 direct positions and an equivalent number of indirect jobs. The project follows a circular economy logic integrating production, refining, and recycling, benefiting from a strategic location close to European and American markets, further bolstered by Morocco’s free trade agreements.
A Major Step for Morocco in Electric Mobility
Internationally, Morocco is positioning itself among the few countries outside Asia to host such industrial capacity. This initiative aligns with national ambitions for electric mobility: the government plans to produce 107,000 electric vehicles by the end of 2025, in a country already capable of producing 700,000 units annually, with a goal of reaching one million. The valorization of local resources, particularly phosphates (of which Morocco holds 71% of global reserves), cobalt, and manganese, reinforces this strategy of upgrading and integrating into global battery value chains.