The U.S. Foreign Investment Committee (CFIUS) is expected to permit China's Gotion Hi-Tech to establish a battery factory in Michigan. Gotion Hi-Tech is a company headquartered in Hefei, China, with its main shareholders being Germany's Volkswagen and Chinese founder Li Zhen. 

Volkswagen acquired a 26% stake in Gotion Hi-Tech in 2020, and Li Zhen holds a 13.6% stake. This shareholder structure has led to interpretations about the nationality of Gotion Hi-Tech, with ongoing discussions about whether they should be seen as a German company or a Chinese company given that the founder is Chinese.

The permit comes as the U.S. administration has determined that there are no issues with Gotion Hi-Tech under U.S. defense production laws. This follows the company's plans to invest about 3 trillion won to build a factory in Michigan that can produce 150,000 tons of anode materials and 50,000 tons of cathode materials per year. However, they temporarily halted the plan due to criticism over relations with China, and requested a review by CFIUS.

Founded in 2015, Gotion Hi-Tech is one of the privately held companies in the power battery industry, specializing in power batteries for renewable energy vehicles, energy storage applications, power transmission, and distribution equipment. The company is focused on power battery technology research and development, and operates several research and development centers worldwide. Their main products, including lithium iron phosphate materials and batteries, ternary batteries, power battery packs, battery management systems, and energy storage batteries, are widely used in renewable energy vehicles, energy storage power stations, and telecommunications base stations.

In May 2020, Volkswagen China invested about 1.1 billion euros to become a shareholder in Gotion Hi-Tech. Through this investment, both companies are driving battery technology innovation and research and development, contributing to the development of China's electric vehicle industry. Gotion Hi-Tech's achievements are significantly contributing to the creation of new technologies and solutions that are changing our lives in the field of energy storage and mobility.

The company is constantly striving to meet various customer needs, providing high-quality products and services in various fields such as renewable energy vehicles, energy storage systems, power transmission, and distribution equipment. Their vision is to lead industrial change through continuous innovation and development.

Gotion Hi-Tech has secured its place as a major player in the field of energy storage and mobility due to their professional research and development capabilities, a broad product portfolio, and an international perspective. They continue to grow, leading the renewable energy industry and maintaining a relentless commitment to our future.