The European Investment Bank (EIB) has signed a €125 million loan with Umicore, the Belgian-based global materials technology and recycling group, to finance part of the greenfield production facility for cathode materials in Poland. Battery production is a fast advancing industry and so needs constant capital infusion.
This Umicore cathode materials will be supplied to battery manufacturers of high-tech lithium-ion batteries that are primarily used in electric vehicles.
The greenfield facility will provide a reliable supply of advanced cathode materials, a key component for lithium-ion battery cell manufacturers in the region and worldwide.
This is the first EIB loan to Umicore . The trend towards the electrification of the automotive industry is gaining ground and in this context it is important to develop a European capacity across the full value chain of electric vehicle battery production.
Through its integrated European battery materials supply chain, Umicore will significantly contribute to the European Union’s plans to create a competitive and sustainable battery ecosystem in Europe.
The development of the rechargeable battery materials activities in Europe is a strategic growth project for he companyt and EIB is supporting it under its clean mobility projects.
This is a Businesswire Feed; edited by Clean-Future Team