CALB said it would break ground this year on the factory in Sines, around 100 kilometres (60 miles) south of Lisbon, which it expects to start supplying the European market by 2027 and be fully operational in 2028.
"We chose Portugal to establish our European gigafactory because of its strategic advantages," the chairwoman of the company's board, Liu Jingyu, told an event in Lisbon to present the project.
Portugal has some of the world's largest reserves of lithium, a key ingredient in the batteries that power electric cars: an estimated 60,000 tonnes, according to the US Geological Survey.
Portuguese Economy Minister Pedro Reis called the announcement a "victory for Portugal".
CALB said in a statement it wanted to reinforce its presence on the European electric car and energy storage markets.
The company hopes to directly create around 1,800 jobs with the plant, which will have an energy storage capacity of 15 gigawatt hours, it said.
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