After taking control of battery maker Cellforce Group, Porsche said July 26 it is looking for new investors and a new location for a planned 10-20 gigawatt-hour factory.

Porsche had previously acquired a 72.7% stake in Cellforce Group after it invested a double-digit million-euro sum in the company.

Chief financial officer Lutz Meschke said that Porsche executives are in talks with advisors and investors to help raise between €2 billion and €3 billion (between $2.2 billion and $3.3 billion) for the factory, according to Reuters. Further details on the investments will be announced by the end of 2023, he added.

Porsche currently has plans to also build a 1.3 gigawatt-hour plant in Baden-Wuerttemberg with production at that venue scheduled to begin in 2024. Chief executive officer Oliver Blume said the company is hoping to build the Cellforce plant in a different place, and that the location of the new, larger facility is still up in the air.

"We will have a beauty contest between European countries, the U.S. and maybe also Canada," Meschke said.