Eurocell has announced plans to build a gigafactory in Western Europe for the development of the next generation of batteries to supply the market predicted to be worth $30 billion (£22bn) by 2030.

The Anglo-Korean company’s batteries, claimed to last more than 10 times longer than conventional lithium-ion batteries, are expected to begin mass production in 12 months, with full capacity by 2025.

The company says they are suited for energy storage and a wide range of operating temperatures also make them suitable to be used in areas with extreme weather and for off-grid solutions.

Eurocell is currently actively looking at sites and the final choice will be heavily dependent on the right combination of local support measures, strategic benefits and site infrastructure.

Recardo Bruins, CEO Eurocell EMEA said: “Quite rightly, a lot of the debate so far has been about the electrification of vehicles but we think it’s time to discuss the wider electrification of society. That’s not just about how we electrify our cars but how we will charge them while providing renewable off grid solutions and powering our industry and homes.

“This is why Eurocell’s market leading batteries, which we will start producing next year, are so crucial. Their performance, safety and longevity make them ideal for ‘smart’ homes and offices where you can store renewable energy or energy from the grid at the cheapest tariff and then deploy it when you want to.

“If we want to meet net zero targets and live in a clean and sustainable carbon-free world, then it’s essential we urgently find ways to electrify all aspects of our lives from renewable sources and Eurocell will be a key enabler of this.”