Turkey’s sovereign wealth fund is preparing to acquire a significant equity stake in TOGG, the country’s homegrown electric vehicle manufacturer, marking a major step in the company’s expansion and potential state-backed support. The move comes as TOGG, which has already begun production of its first electric vehicle, seeks to strengthen its market position amid growing competition in the global EV sector. Separately, Fuel Cells Works, a Turkish firm specializing in hydrogen fuel cell technology, has announced plans to advance its research and development efforts, signaling broader momentum in Turkey’s push toward sustainable transportation solutions. The developments highlight the government’s growing focus on fostering domestic innovation in clean energy and automotive industries.
Turkey’s Sovereign Wealth Fund Set to Take Stake in EV Maker TOGG Fuel Cells Works
