In a statement to the Hong Kong stock exchange, CALB revealed the signing of a memorandum of understanding with a subsidiary of the Portuguese Agency for Investment and Foreign Trade (AICEP).

The agreement with AICEP Global Parques provides for the acquisition of "surface rights, with the aim of setting up a world-class, highly intelligent, computerised and automated factory with zero carbon emissions," the company said.

CALB "has not yet signed a legally binding agreement", so "the cooperation contemplated in the memorandum of understanding may or may not advance".

The company also mentioned that the eventual installation of a factory in Portugal would be part of a strategy to create "industrial bases in Europe".

In December 2021, CALB announced the signing of an agreement with the German consultancy Drees & Sommer to plan the first plant in Europe, which could produce batteries with a total capacity of 20 GWh per year.

According to the China Automotive Power Battery Industry Innovation Alliance, an industry association, CALB was in 2021 the third largest Chinese manufacturer of batteries for electric cars.